BAYC Floor Price Hits Record Lows Signaling the Decline of the Apes
The Ethereum-based non-fungible token (NFT) market, once a flourishing industry, has faced a significant downturn, with the popular Bored Ape Yacht Club (BAYC) collection experiencing a staggering 90% decrease in its floor price from its peak.
BAYC, which was launched in April 2021, is now at its lowest valuation since August 2021, with the floor price briefly dropping below 11 Ethereum (ETH) before stabilizing around 11.12 ETH.
In summary, the floor price of the Bored Ape Yacht Club (BAYC) NFT collection has plummeted over 90% from its peak, reaching its lowest point since August 2021. This decrease reflects a broader decline in interest in Ethereum-based NFT collections.
Despite this overall decline, certain rare BAYC NFTs have continued to sell well above the floor price. Additionally, Bitcoin-based NFTs, known as Bitcoin Ordinals, have been surpassing Ethereum NFTs in terms of sales volume over the past 30 days.
While some Ethereum NFT collections, like BAYC, are facing a decline, certain blue-chip collections such as CryptoPunks have been exceptions to the trend. For instance, two extremely rare alien Punks from the CryptoPunks collection were sold for over $16 million each in March 2023, providing a glimmer of hope for the struggling Ethereum NFT market.
The decline in BAYC’s value is not an isolated case, but rather a reflection of a broader trend in the Ethereum NFT sector. Data from CryptoSlam shows a noticeable decrease in BAYC’s sales performance over the past 30 days, with the collection recording a total sales value of $28,933,804, a 28.23% decline from the previous period.
Bitcoin Ordinals have been gaining traction, with a sales volume of $457.98 million over the last 30 days, significantly surpassing the $299 million achieved by Ethereum NFTs. The “Uncategorized Bitcoin Ordinals” category, which includes a diverse range of yet-to-be-categorized assets, leads the market in terms of sales value.
Despite the apparent decrease in enthusiasm for Ethereum NFTs, certain collections have been exceptions to the prevailing trends. For example, CryptoPunks has seen two extremely rare alien Punks sell for over $16 million each in March 2023, providing hope for the lagging Ethereum NFT market.
The buyer of CryptoPunk #7804, known as Artudito, expressed their vision for the purchase, stating that the artwork is “poised to become as iconic as, if not more than, the Mona Lisa.” This statement underscores the enduring belief among some collectors in the potential of NFTs as a groundbreaking form of digital art.
