Bored Ape floor drops below $100K as NFT market takes a huge hit

BAYC witnessed a sharp decline in price in line with a general decrease in the floor price of NFT collections

Last Updated: Jun 17, 2022, 13:43 IST2 min

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Image: ShutterstockThe floor price of the top NFT collection, the Bored Ape Yacht Club (BAYC) series, fell below $100,000 for the first time since August 2021. The floor price has been down by 78 percent since April, when BAYC NFTs were selling at $429,000 each. A June 14 tweet read, "The floor price of Bored Apes has fallen below $100,000 for the first time in a year, according to statistics from NFT PRICE FLOOR. An investment opportunity that you may take is within the thread below... ðŸ”ŽðŸ‘‡" - @Veofiy.On June 15, the floor price fell to a mere 80 ETH. And on June 16, the entry-level price of BAYC was 86.39 ETH or $95,508.40. The reason for the decline in NFTs could be the fading crypto market, especially Ethereum.The current market meltdown appears to have significantly impacted the NFT space, with daily trading volume falling off a cliff in early May as crypto prices crashed.

After the market crashed to new lows on Monday, Ethereum came perilously close to hitting the $1000 mark. However, some analysts speculated that the recent announcement of a possible attack by Yuga Labs" co-founder might have contributed to the crash.

With the floor price of the Bored Ape Yacht Club slashed, it can be said that no digital asset, including NFTs, is safe from the crypto cataclysm. In terms of dollars, the price of a basic Bored Ape NFT has dropped by nearly 78 percent in less than two months. On April 29, the day before Bored Ape creator Yuga Labs launched its NFT virtual land sale for Otherside (an upcoming game), the floor price reached a record high of nearly $429,000 (152 ETH).

Several other top-rated NFT collections have seen their NFT floor prices decrease along with BAYC. For instance, CryptoPunks have lost 48 percent of their value in the last 30 days, while Moonbirds have lost 62 percent.

Recently, Bill Gates also sarcastically commented about the iconic NFT series. Gates said, "Obviously, expensive digital images of monkeys will improve the world immensely."

On Monday, despite the crypto market reaching new lows since December 2020, NFT buying pressure increased as more investors sought to purchase the NFT at a lower cost.

From June 14 to June 15, 26 BAYC NFTs were sold in a 24-hour period. This represented a 116 percent increase in sales over the previous day. In addition, BAYC"s daily trading volume increased by 50 percent, with over $2.6 million traded in those 24 hours.

The writer is the founder at yMedia. He ventured into crypto in 2013 and is an ETH maximalist. Twitter: @bhardwajshash

First Published: Jun 17, 2022, 13:43

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Shashank Bhardwaj

Shashank is founder at yMedia. He ventured into crypto in 2013 and is an ETH maximalist. Twitter: @bhardwajshash