2024-04-16
The current floor price of the Bored Ape Yacht Club (BAYC) collection has dropped by over 90% from its peak during the NFT bull market frenzy.
Now standing at 11.1 ETH, this is the lowest point since August 2021.
BAYC's floor price is approaching the sub-10-ETH mark, experiencing a 50% decline since March 1 alone, according to NFT Price floor data.
Launched in April 2021 with the support of Yuga Labs, BAYC's NFT price floor has regressed to the level it was four months after its debut.
This decline in the NFT collection's value is part of a broader trend in the digital art NFT industry, as popularity has waned since its peak of 128 ETH on May 1, 2022.
However, it's worth noting that certain BAYC NFTs continue to sell well above their floor price.
For instance, BAYC #830 fetched 504.3 ETH (equivalent to $1.92 million at the time) last month, and other rare items have recently sold for over 30 ETH.
CryptoPunks, the largest NFT collection by market capitalization, has also seen a decline in its floor price, dropping by 64% from its peak of 113.9 ETH.
Amidst these developments, industry experts are contemplating the potential for a resurgence in digital art NFTs.
Shi Khai Wei, co-founder and chief operating officer of LongHash Ventures, suggests that these NFTs should not exist as standalone projects but should instead be integrated with other blockchain verticals to enhance their usefulness.
Wei emphasizes the importance of having a clear brand vision and actual products behind digital art NFTs.
However, he also recognizes that NFTs can be a "superpower" for blockchain-based projects that already incorporate in-game economies and offer NFT ownership.
While the Bored Ape Yacht Club and CryptoPunks NFT collections have experienced significant declines in their floor prices, there is ongoing discussion about the future potential of digital art NFTs and their integration with other blockchain sectors.
