The floor price of the Bored Ape Yacht Club (BAYC) NFT collection has hit its lowest point in over 20 months, reflecting a larger decline in the NFT market.
Important Points
- Bored Ape Yacht Club (BAYC) NFT floor price hits a 20-month low, dropping below 30 ETH.
- Overall NFT market faces challenges in June, with a decline in trading volume.
- Blur marketplace and competition with OpenSea may have contributed to the downturn.
- Collectors and investors advised to exercise caution and conduct thorough research.
In a surprising turn of events, the floor price of the Bored Ape Yacht Club (BAYC) NFT collection has plummeted to its lowest point in over 20 months. CoinGecko analytics reported that the floor price dipped below 30 ETH, marking a significant decrease from its historic high of 153.7 ETH in April 2022. This steep decline in value is part of a broader trend in the NFT market, which has experienced a challenging month in June. The emergence of the Blur marketplace may have contributed to the overall decline.
How Much Did the BAYC NFTs’ Floor Price Drop?
CoinGecko analytics revealed that the floor price of BAYC NFTs fell below 30 ETH, a level not seen since October 2021. This drop came as a shock to the NFT community, considering the previous record high of 153.7 ETH in April 2022. The drastic decrease is visually depicted in a tweet by @WClementeIII, showing a 90% decline in the floor price. However, there seems to be a slight recovery as the collection currently holds a floor price of 31.5 ETH. Moreover, data from CoinGecko shows a trading volume of 2,906 ETH in the past 24 hours for the BAYC collection.
What About Other Blue-Chip NFT Collections?
The floor price decline is not exclusive to BAYC. The entire NFT market has faced a challenging month in June, with CryptoSlam reporting a $31.3 million drop in trading volume compared to May. This bear market has affected collectors across the board, including A-list celebrities. For instance, Justin Bieber purchased a BAYC NFT in January 2022 for a remarkable $1.31 million, which is now worth half the price. The emergence of the Blur marketplace with its airdrop campaigns and zero royalty fee policy could be a contributing factor to the sales downturn. While Blur captured a significant market share in May, OpenSea still maintains the largest number of traders. The ongoing Blur-OpenSea marketplace war is a topic of discussion among traders.
The Bored Ape Yacht Club NFT collection is now down over 90% from its $600K high pic.twitter.com/TZVuXFl9UZ
— Will Clemente (@WClementeIII) July 2, 2023
The Impact and Future of the NFT Market
The market dynamics affected by the Blur-OpenSea war may take some time to stabilize. As traders and analysts continue to speculate about the long-term effects, the NFT market strives to regain its momentum. With a challenging month behind them, collectors and investors are reminded to conduct thorough research and exercise caution before making any investment decisions.
Conclusion
The Bored Ape Yacht Club NFT collection’s floor price hit its lowest point in over 20 months, dropping below 30 ETH. This decline is part of a broader trend in the NFT market, which has suffered a significant drop in trading volume in June. The emergence of the Blur marketplace and ongoing competition with OpenSea have further impacted market dynamics. As the NFT market aims to recover, investors are advised to approach their decisions with careful consideration and thorough research.
