Bored Ape NFT Floor Price Drops to New All-Time Low
The Bored Ape Yacht Club was pivotal during the rise of NFT the market, with celebrities from across all mediums coming out in support of the newfound technology, leading to a rise in the project's popularity and price. But now as the rest of the market begins to see the effects of this crypto winter, the demand for the blase monkeys has seemed to fall.
The current floor price of a Bored Ape Yacht Club NFT (The least expensive NFT being sold on a secondary market) is currently around $96,469, or 80 ETH, according to NFT Price Floor. Sliding down to around $91,741 last night, as per the site's data.
Converting their price to dollars, the cheapest Bored Apes have fallen a hefty 78% in less than two months. The floor price just a couple of months ago in April sat around 152 ETH a record at the time, and just days before the launch of their controversial virtual land sale for Otherside, an upcoming game. Holders of Bored Apes could claim plots of land for free as NFTs.
Keeping the price in ETH, the collection has dropped 47% since then. A dramatic drop but not all is to blame on the Apes as Ethereum price falls so does the value of almost all NFT projects.
This is the first time since August of 2021, when the NFT market boom hit its fever point, that the collection has had a sub-$100,000 floor price.
As mentioned earlier the wider NFT market is seemingly in a slump as well, within the past 30 days Crypto Punks are down 48%, Monnbirds has lost 62% of its value, and the Bored Ape Yacht Club sits at 54%, all when measured in USD.
An NFT is a deed of ownership over an item. Often represented in digital forms like paintings, profile pictures, video game items, sports memorabilia, movie, and comic collectibles.
The market for these digital collectibles skyrocketed in 2021, garnering $25 billion in trading volume, per data from DappRadar. The demand swung in 2022, with $16 billion being generated over the course of the year's first four months. Leading to NFT marketplace OpenSea having its best day ever on May 1ST, when it brought in $476 million.
Nonetheless, the waning price of almost all crypto in the market has affected the NFT space dramatically, with all daily trading volume becoming deflated in early May as crypto prices fell.
On Monday however, as the price of most of the market reached new all-time lows not seen since 2020, NFT trading evidently began to rise a bit as some buyers sought “bargains” amid depressed prices.
The Bored Ape Yacht Club is arguably the most famous and successful NFT project in the space, with the original 10,000 profile pictures generating over $2.2 billion worth of trading volume to date, per CryptoSlam.