The prices of Bored Ape Yacht Club (BAYC) NFTs have been on a downtrend for the last six consecutive days as the wider crypto market crash turns into a catastrophe
The crypto market crash does not only have a direct impact on the crypto industry but also on all other attributes including NFTs. The Non-Fungible Token (NFT) market including the BAYC NFTs, one of the largest and most popular NFT collections, has been largely affected.
BAYC has been among the top NFT performers and its popularity has even rivaled that of popular cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH) in the past few weeks. However, due to the current crypto market slump, the prices of the BAYC NFTs prices is also nosediving in tandem with the wider price drops within the larger crypto market.
Bored Ape Yacht Club performance
Although both BAYC NFTs and BTC are nosediving, BAYC NFTs are definitely performing far worse than BTC and Ethereum (ETH). Over the past six days, the NFTs have dropped by about 29% while BTC is down 15.8%, and ETH is down 13%.
Other major and popular NFTs have also been affected and are experiencing massive price drops, like JPG NFT Index price which has also seen a massive drop of 26% over the last 6 days.
Other NFT collections that have also been nosediving include the Otherdeed NFT and Moonbirds NFT which were down by 23% and 19% respectively. However, the NFT market is expected to get back to its bullish trend under one condition, and that is if the crypto market recovers from its current crash.