The Bored Ape Yacht Club has been a prominent indicator of escalating prices in the NFT market, with celebrities picking up bored ape illustrations alongside seven-figure transactions. But now, the Ethereum profile picture collection demonstrates precisely how dramatically NFT demand has plunged amid a larger crypto market crash.
As the crypto market struggles, the popular Ethereum NFT collection reaches a low entry price not seen since late August.
The floor price for a Bored Ape Yacht Club NFT—the lowest-priced item listed on a secondary marketplace—currently rests at $96,469, or 80 ETH, according to NFT Price Floor. Overnight, the price went as low as $91,741, citing the website’s statistics.
The cost of an entry-level Bored Ape NFT has fallen roughly 78 percent in less than two months. The floor price sat at a record high of over $429,000 (152 ETH) on April 29, the day before Bored Ape developer Yuga Labs started their NFT virtual land sale for Otherside, an upcoming game.
The collection has witnessed a 47 percent reduction since then in terms of ETH. That’s a huge fact all the same, but it also indicates how much the declining price of Ethereum has influenced the values of NFT collections. The Bored Ape Yacht Club hadn’t seen a sub-$100,000 floor price since August 2021, when the collection rose alongside the larger NFT market.
Every important NFT collection has lost substantial value during the previous month. When measured in USD, Bored Apes are down 54 percent during the last 30 days, while CryptoPunks are down 48 percent in that time, and the newer Moonbirds have dropped 62 percent of their worth.
An NFT acts as a confirmation of ownership of an object and commonly symbolizes digital assets such as profile photographs, artwork, sports and entertainment memorabilia, and video game items.
The Bored Ape Yacht Club is one of the best-known and most profitable collections in the NFT area. The first set of 10,000 profile photographs with randomly-generated attributes has thus far provided more than $2.2 billion worth of trade volume, with additional collections and allied initiatives augmenting that sum.
The product has also been a favorite of superstars like Snoop Dogg, Jimmy Fallon, and Madonna and propelled Yuga Labs to a $450 million investment round in March at a $4 billion value.
However, even the Apes aren’t immune to market issues, and that’s reflected in the fast decreasing price points lately, coupled with diminishing trading activity. According to CryptoSlam, the initial Bored Ape Yacht Club NFT collection has delivered almost $96 million in trading activity over the last 30 days—down about 72 percent from the prior 30-day timeframe.
Author: To The Verge Team
Our aim is to chase the future, innovations, and the latest trends of all things tech. We love to interact with industry experts, understand their diverse and unique perspectives, and spread their ideas.