Thursday, June 1, 2023

Bored Ape ETH NFT Drops Below $100K First Time In A Year

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Bored ape ETH NFT drops below $100K for the first time in a year as the entire crypto market suffers for weeks so let’s read more today in our latest altcoin news.

The floor price for a Bored Ape ETH NFT drops below $100,000 for the first time since 2021 and it is down 78% since late April when it started trading at $429,000. The NFT was a key symbol of rising valuations on the market with the celebrities snapping up the disinterested illustrations of apes alongside seven-figure sales. Now, the ETH profile picture collection is showing how far NFT demand dropped amid the wider market crash.

The floor price for a BAYC NFT which is the cheapest available item listed on the secondary marketplace sits at $96,496 or 80 ETH but overnight, the price dropped as low as $91,741. in terms of dollars, the cost of the entry-level Bored Ape NFT dropped 78% in less than two months and the floor price set a record of $429,000 on April 29, a day before the creator Yuga Labs which launched the NFT virtual land sale for Otherside as an upcoming game. The Bored Ape holders were able to claim free plots as NFTs.

Bored Ape Yacht Club Crashed,bayc, nft, price

In terms of ETH, the collection saw a 47% drop since then this is a huge stat but reflects how much the dropping price of ETH impacted the valuations of NFT collections. The BAYC hasn’t seen this level since August 2021 when the collection surged along with the rest of the NFT market. Every NFT collection lost a huge amount of value in the past month and when measured in USD, Bored Apes are down 54% in the past 30 days while CryptoPunks are down by 48%. the NFT serves as a proof of ownership to n item and often represents digital goods like profile pictures, sports, entertainment collectibles, and more.

The NFT market saw a surging demand in 2021 which generated $25 billion worth o trading volume whit the demand continuing in 2022 with $16 billion worth of organic trading during the first four months of the year. The Bored Ape Yacht Club is one of the best-known collections in the NFT space and the original set of 10,000 profile pictures with some other traits that yielded more than $2.2 billion worth of the trading volume to date.

The project is a favorite among celebrities like Snoop Dogg, Madonna, and Jimmy Fallon and spurred Yuga Labs to a $450 million funding round at a $4 billion valuation. The Apes are not immune to marekt challenges and it can be seen in the crashing prices lately along with the slowing trading volume. The original Bored Ape NFT collection yielded $96 million in trading volume in the past 30 days and it is down 72% from the previous month.


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