Bored Ape Yacht Club (BAYC), previously a market-leading collection of ethereum non-fungible tokens (nfts), has witnessed a significant decline in its price floor.
This slowdown represents a reduction of more than 90% from its historical peak, recorded approximately two and a half years ago. BAYC is approaching a sub-10 nft price floor, a fact attributed to a 50% drop since March 1 alone.
BAYC Price Floor Plunges Below 11 eth
According data Since the nft price floor on Monday, April 15, the Bored Ape nft price floor momentarily dipped below 11 eth, settling at 10.9 eth, equivalent to about $34,000. This sudden drop represents a 12.08% drop in a single day.
The last time BAYC witnessed such a low price floor was in early August 2021, when it fell to 9.5 eth. However, there has been a slight increase at the time of writing, with the price floor recovering to 11.09 eth.
This current level represents a drop of over 90% from BAYC's all-time low price of 128 eth, approximately $395,000, reached in April 2022.
In addition to the drop in the minimum price, data from CryptoSlam reveals a worrying trend in BAYC's sales performance over the past 30 days. The ape-themed collectible saw total sales of $28,795,403, down 29% over the past month. This decrease has placed BAYC in fifth place in sales value.
Meanwhile, in the broader context, data from CryptoSlam reveals that bitcoin-based nfts (bitcoin Ordinals) are outperforming ethereum nfts.
During the same period, bitcoin Ordinals achieved a sales volume of $458.8 million, surpassing the $299 million achieved by ethereum nfts. In particular, “uncategorized bitcoin ordinals” currently lead the market in sales value.
History of BAYC
The collection, launched in April 2021, garnered considerable celebrity endorsement. Despite a prolonged decline in the nft market, particularly for high-value profile picture tokens, BAYC has consistently stood out as a notable success story.
It is known for its active community involvement and frequent releases of new collections. Throughout its history, BAYC has maintained its position as one of the leading nft collections, leading the market in sales volume with more than $3 billion in recorded transactions, according to data from CryptoSlam.
Despite the massive drop, in chain data reveals that some BAYC nfts have still been sold at a much higher price than the current low. For example, BAYC #830 sold for 504.3 eth, equivalent to $1.92 million at the time, just last month.
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