The Bored Ape Yacht Club (BAYC) NFT Collection Hits New Low
The floor price of the Bored Ape Yacht Club (BAYC) non-fungible token (NFT) collection fell to 27.4 ETH, or about $53,000, on Sunday evening before rebounding slightly. This marks a new low for the collection, not seen since October 2021. The decline in BAYC’s NFT prices reflects a broader cooldown in the NFT market and the impact of the extended crypto winter on Ethereum prices.
Key points:
– Bored Ape Yacht Club has experienced a decline in the average price of its NFTs, in line with the overall NFT market slowdown.
– Other popular NFT collections, such as MoonBirds, Azuki, and Doodles, have also seen price dips in recent months.
– BAYC’s floor price dropped to 27.4 ETH, or about $53,000, before rebounding slightly. It had previously reached a high of 153.7 ETH, or about $430,000, in April 2022.
– Since April, BAYC’s floor price has halved, going from 64 ETH to 29.5 ETH.
– BAYC remains the largest NFT collection by sales volume, with a trading volume of 1.2 million ETH, or $2.4 billion.
The floor price of an NFT collection is an indicator of its popularity at a given time. It represents the lowest price a seller is willing to accept for an NFT in the collection. BAYC’s trading volume has also decreased by 38% in the last 24 hours, further reflecting the cooling interest in the collection.
In recent months, negative sentiment towards BAYC has been fueled by notable NFT collectors selling off their Apes. Both pseudonymous collector Franklin and NFT trader Jeffrey Huang have sold significant numbers of Apes, contributing to the downward price trend.
Overall, the Bored Ape Yacht Club’s NFT collection has seen a significant decline in value, mirroring the wider slowdown in the NFT market. However, it still remains one of the largest and most prominent NFT collections in terms of sales volume.
Hot Take
The decline in Bored Ape Yacht Club’s NFT prices is a reflection of the cooling interest in the overall NFT market. As Ethereum prices have been impacted by the extended crypto winter, NFT collections across the board have experienced price dips. It remains to be seen whether this trend will continue or if there will be a resurgence in the NFT market in the future.
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