Bored Ape Yacht Club NFT Floor Price Hits Lowest Point Since August 2021

The floor price of Bored Ape Yacht Club (BAYC) nonfungible tokens (NFTs) has experienced a significant decline, dropping over 90% from its peak to 11.1 Ether (ETH) – the lowest point since August 2021. This steep decrease has brought BAYC close to a sub-10 NFT floor price, following a 50% fall since March 1, as reported by NFT Price Floor.

BAYC, a popular NFT project backed by Yuga Labs, was launched in April 2021. The current NFT price floor now sits at a level similar to four months after its initial launch. The NFT collection’s fall from a peak of 128 Ether (ETH) on May 1, 2022, reflects a broader industry-wide decline in the popularity of digital art NFTs.

Despite the overall decrease in floor prices, some BAYC NFTs have continued to sell well above the floor price. For instance, BAYC #830 was sold for 504.3 Ether ($1.92 million) last month, while several other rare items have fetched prices above 30 Ether in recent days.

In comparison, the largest NFT collection by market cap, CryptoPunks, has also seen a decline from its peak floor price of 113.9 Ether, albeit by a smaller margin of 64%.

Industry experts and commentators are now contemplating the potential for a comeback of digital art NFTs. Shi Khai Wei, a founder at LongHash Ventures, believes that digital art NFTs should not exist as standalone projects but should be integrated with other verticals in the blockchain industry to add value and utility.

Wei emphasized the importance of having a clear vision and product behind NFT projects, suggesting that NFTs can be a powerful tool for blockchain-based projects that already incorporate in-game economies and offer NFT ownership.

As the industry continues to evolve, the future of digital art NFTs remains uncertain. However, with strategic integration and a clear vision, NFTs could potentially regain momentum and appeal to a broader audience.