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

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.

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.

About the Author

Teuta Franjkovic

Teuta is a seasoned writer and editor with more than 15 years of experience. She has expertise in covering macroeconomics and technology as well as the cryptocurrency and blockchain industries. She has worked for several publications as a journalist and editor, including Forbes, Bloomberg, CoinTelegraph, Coin Rivet, CoinSpeaker, VRWorld and Arcane Bear. Teuta began her professional career in 2005, working as a lifestyle writer at Cosmopolitan in Croatia. From there, she branched out to several other publications, covering mainly business and the economy. She then turned her attention to the world of cryptocurrency and blockchain, believing that crypto is among the most important inventions in the history of humanity. Her involvement in fintech began in 2014 and she has since lent her expertise in writing, editing and gathering information about the world of crypto, blockchain, NFTs and Web3. An all-round news hound, mentor, editor, and writer, Teuta enjoys teamwork and good communication. She holds a WSET2 diploma and has a thing for chablis, punkrock music and shoes. She also holds a double MA in Political science and Entrepreneurship.

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