The floor price of Bored Ape Yacht Club (BAYC) nonfungible tokens has plunged by more than 90% from its high, to 11.1 Ether (ETH), the lowest since August 2021.
BAYC is presently reaching a sub-10 NFT floor price, following a 50% drop since March 1, according to NFT Price Floor.
The project, supported by Yuga Labs, peaked at 128 ETH on May 1, 2022, but has since seen a significant drop in popularity, following a broader trend in the digital art NFT market.
BAYC’s floor price has dropped by a startling 50% since March 1, taking it back to where it was only four months after its April 2021 launch.
Despite the broader slump, select BAYC NFTs continue to command prices that are significantly higher than the floor.
While the floor price suggests a drop, some BAYC NFTs continue to hold significant value and demand, demonstrating the market’s diversity and dynamic nature.
For example, last month’s sale of BAYC #830 netted a stunning 504.3 ETH (equal to $1.92 million at the time). Several additional unusual objects were recently auctioned for more than 30 ETH each.
CryptoPunks, the largest NFT collection by market capitalization, plummeted 64% from its peak, totaling 113.9 Ether.
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