Bored Ape takes a drop for the first time in almost a year
If you know anything about web3 and NFT then you would know the name of Bored Ape Yacht Club. It is the NFT project that has brought Yuga Labs great success and fortune, it is the project that the rich and famous get into to show off their status it is the catalyst for the Otherside metaverse. Nothing says I am more successful in the NFT space than having a Bonafide BAYC NFT.
BAYC has been the mainstay symbol of values rising in the NFT space as the sales of these images have surpassed the seven-figure realm. The tide of success was very high for the team and the project, however, things are taking a bit of a change.
The market of late has been quite shaky and the interest in NFTs has started to wane considerably this lack of interest partnered with a massive crypto crash has created a drop in the value of the project as a whole. The value of the cheapest BAYC NFT has gone below 100K and now sits at 80 ETH which roughly translates to about $96.5K USD. This means that an entry-level Ape has dropped in value by 78% in less than 2 months’ time. Before the launch of the Otherside land sale, the floor price of BAYC sat comfortably at $429,000 but now the floor is the aforementioned $96.5K -meaning that the floor is only 22.5% worth as much as it was 2 months prior.
This means that in terms of ETH the collection has seen a massive 47% drop in value, this, of course, coincides with the drop in value of ETH but it is significant all the same. This floor price was last seen in August of 2021 and it is quite shocking to see it come back now. If one were to need even more perspective this means that the project has gone down in value by over 50%.
This is in stark contrast to the NFT market of late 2021 which generated about $25 Billion worth of trading volume. The decline in sales and interest of course can be traced to the decline in the value of tokens in the crypto market. Some traders, however, see the decline in crypto prices as a sign to buy NFTs as it can be viewed as a “sale” of certain projects.
The Bored Apes may be the selection of celebrities and such but it does not protect them from a market that is having a difficult time right now. Stay tuned to MetaFi for more about your favorite NFT and community.