BAYC NFTs: A Rollercoaster of Dwindling Prices
Over the past week, Bored Ape Yacht Club (BAYC) NFTs have dominated the NFT sales, with a surge of 112.98% compared to the previous week. However, despite this increase in sales, the floor price value of BAYC NFTs has dropped significantly, reaching a low of 21.99 ether on August 23.
- BAYC recorded $9.62 million in sales from 228 transactions involving 131 buyers.
- BAYC’s floor value was valued at 23.90 ETH on August 23.
- 13 other collections have a higher floor value than BAYC.
- Cryptopunks have consistently surpassed BAYC in floor value since May 2023.
- Cryptopunks’ current floor value is 46.99 ETH.
The decline in BAYC’s value mirrors the struggles of the crypto asset Apecoin (APE), which has decreased by 25.3% in the last 30 days. This decline also aligns with a broader decrease in daily NFT sales since July 5, 2023.
Currently, BAYC has a market capitalization slightly above $400 million, with a total of $2.92 billion in sales spread across over 17,000 buyers. On average, BAYC NFT owners keep their assets for approximately 37 days.
Hot Take:
The recent surge in BAYC NFT sales is impressive, but the significant drop in floor price value raises concerns about the long-term sustainability of the collection. As other collections, like Cryptopunks, continue to surpass BAYC in value, it remains to be seen if BAYC can regain its former glory in the highly competitive NFT market.
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