• The Bored Ape Yacht Club (BAYC) non-fungible tokens (NFTs) are now priced below 30 Ethereum, per data from NFTPriceFloor.com.
• At the start of this year, it was hovering at around 69 ETH, equating to a year-to-date (YTD) performance of -63%.
• Data from CryptoSlam.io shows NFT sales have sunk to $221.2 million in August – marking a 31-month low for the sector.
NFT Price Floor Now Below 30 Ethereum
The Bored Ape Yacht Club (BAYC) non-fungible tokens (NFTs) are now priced below 30 Ethereum, per data from NFTPriceFloor.com . This marks a significant reversal from peak NFT mania, as embodied by the $69.3 million sale of Beeple’s “Everydays: The First 5,000 Days” in March 2021.
BAYC Price Drawdown
Zooming out shows the BAYC collection hit a peak floor price of 128 ETH in May 2022, equating to a 78% drawdown from its all-time high price. Twitter personality DonAlt commented that BAYC’s price decline was “wild to watch” and asked his followers whether they think recovery is on the cards. Commenters gave a mixed response, with some attributing the price decline to fragility within the broader economic landscape.
Background On BAYC
Yuga Labs released BAYC on the Ethereum blockchain in April 2021. The collection features 10,000 unique digital collectibles of cartoon-like apes that vary according to qualities such as clothes, eyes and background. The BAYC collection was further popularized by celebrity purchasers including Neymar Jr., Steph Curry and Justin Bieber who all joined the bandwagon .
Debate Surrounding Waning Interest In NFTs
The debate surrounding waning interest in NFTs is undecided but some attribute it to fragility within the broader economic landscape or oversaturation of new projects entering into an already crowded market space .
Lowest Sales Marked Since February 2020
Data from CryptoSlam.io shows NFT sales have sunk to $221.2 million for August – marking a 31-month low for the sector since February 2020 when sales were at their highest level ever recorded at $363 million .