**NFT Market Witnessed Sharp Decline in Floor Prices**
**Key Points:**
- The floor prices of Yuga Labs’ Bored Ape Yacht Club and Mutant Ape Yacht Club collections in the NFT market have sharply declined, reflecting the overall crash in NFT floor prices.
- Bored Ape Yacht Club’s floor price dropped from 38 ether ($73,000) to below 28 ether ($53,500) between June 30 and July 2.
- Will Clemente, co-founder of Reflexivity Research, highlights that the decline in floor price is part of a 90% decline in the collection.
- The decrease in floor price came after the launch of a new collection by the creators of Azuki NFTs, which faced criticism for its resemblance to their previous collection.
- NFT sales in June decreased compared to May, from $739.50 million to $707.70 million, with Ethereum-based NFT sales accounting for $452 million of the total.
**Celebrities Affected by the Market Decline:**
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- Justin Bieber’s Bored Ape Yacht Club NFT also saw a significant drop in value. He initially acquired the NFT for $1.3 million in January, but it is now only worth $59,090.
- The NFT marketplace Blur is believed to have had an impact on the decline in NFT floor prices and trading volume.
- Some traders attribute the decline to Blur’s influence on trading and lending activities, with Nansen’s analysis showing a substantial decline in NFT trading volume.
- It remains uncertain if the predicted NFT market recovery will still occur in the near future.
**Hot Take:** The NFT market has experienced a significant decline in floor prices, affecting popular collections like Bored Ape Yacht Club. The launch of a new collection and the influence of Blur on trading and lending activities are believed to have contributed to the decline. Even celebrities like Justin Bieber have seen their NFT values plummet. It is unclear if the market will recover as predicted earlier this year.
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