NFT Market Slump: Bored Ape Yacht Club and Other Collections See Floor Price Decline
The NFT market continues to struggle as prices for popular collections, including the Bored Ape Yacht Club (BAYC), plummet. Here are the key points:
- BAYC is down 90% from its all-time high, with floor prices falling 23% over the last week.
- The floor price for BAYC is currently just below 30 ETH, the lowest it has been in over a year.
- Despite the decline, BAYC remains one of the most popular collections with a 30-day trade volume of $48.8 million.
- Theft of two BAYC apes by a cyber-thief has added to the challenges faced by the collection.
- Other collections, such as Azuki, Mutant Ape Yacht Club, DeGods, and Elemental, have also experienced significant floor price declines.
Despite the struggles in the NFT market, cryptocurrency markets remain strong, with BTC and ETH holding onto gains made in June. Altcoins like Litecoin, Polkadot, Bitcoin Cash, and Avalanche are currently driving market movements.
Hot Take:
The NFT market’s decline in floor prices raises questions about the sustainability and value of these digital assets. While some collections, like BAYC, continue to have high trade volumes, the overall sentiment seems to be shifting. Investors and collectors should approach the NFT market with caution and consider the potential risks involved.
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