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BAYC NFT Floor Price Crashes 90% – Is This the End for NFTs?

Last Updated April 16, 2024 8:52 AM
Teuta Franjkovic
Last Updated April 16, 2024 8:52 AM
By Teuta Franjkovic
Verified by Peter Henn

Key Takeaways

  • BAYC price has plunged over 90% from its peak, reaching its lowest point since launch.
  • Some rare BAYC NFTs remain valuable.
  • CryptoPunks NFTs holding up better.

The floor price of Bored Ape Yacht Club (BAYC) non-fungible tokens (NFTs) has seen a significant decline. It has dropped over 90% from its peak to stand at 11.1 Ethereum (ETH) currently.

This marks its lowest value since August 2021. According to data  from NFT Price Floor, BAYC is nearing a floor price of below 10 ETH after experiencing a sharp 50% drop since the beginning of March.

BAYC NFT Prices Return to Initial Levels Amid Market Downturn

Launched in April 2021 by Yuga Labs, the Bored Ape Yacht Club NFT collection has seen its floor price fall  to where it was just four months post-launch.

From a high of 128 ETH on May 1, 2022, the collection’s value has plummeted, reflecting a broader industry trend of declining interest and valuation in digital art NFTs. This sharp fall is indicative of the challenges facing the NFT market as a whole.

Some NFTs Still Command High Prices Despite Overall Decline

Despite the overall decline in BAYC NFTs floor price, some items still continue to fetch high sales prices. The floor price, which represents the lowest price available for an NFT in a specific collection, doesn’t necessarily reflect the value of rarer items.

BAYC price
Credit: NFT Price Floor

For instance, BAYC #830 recently sold for 504.3 Ether (approximately $1.92 million at the time) last month. Additionally, several other rare NFTs from the collection have been sold for above 30 Ether in recent days. This suggests that, while the general market for digital art NFTs might be slowing, some pieces can still command premium prices.

CryptoPunks NFTs Witness a More Moderate Decline Compared to BAYC

CryptoPunks, the largest NFT collection by market cap, has also experienced a decline from a floor price of 113.9 Ether. However, the drop has been relatively moderate at 64%.

This less drastic reduction suggests a sustained interest and potentially higher resilience in CryptoPunks NFTs.

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