BAYC NFT Floor Price Nosedives to Pre-Launch Levels Amid Industry-Wide Slump

Bored Ape Yacht Club (BAYC) NFTs have plunged over 90% from their peak, falling to 11.1 Ether (ETH) – their lowest point since 2021. Despite a few high-value sales, BAYC's floor price, determined by the lowest-priced NFT in the collection, is now close to falling below 10 ETH.

BAYC NFT Floor Price Plummets to Pre-Launch Levels, Reflecting Industry-Wide Decline

The nonfungible token (NFT) floor price of Bored Ape Yacht Club (BAYC) has experienced a dramatic decline, falling over 90% from its peak to a mere 11.1 Ether (ETH), its lowest point since August 2021.

NFT Price Floor data reveals that BAYC is rapidly approaching a sub-10 NFT floor price, having lost approximately 50% of its value since March 1st alone. This steep drop marks a significant setback for the Yuga Labs-backed NFT project, which launched in April 2021 with a floor price that is now equivalent to its level four months after its inception.

The decline of BAYC's NFT floor price is part of a broader industry trend affecting digital art NFTs. The entire sector has witnessed a notable decrease in popularity, contributing to the precipitous fall of BAYC's value.

Despite the overall downturn, it is important to note that some BAYC NFTs have continued to command prices significantly above the floor price, which is typically determined by the lowest-priced NFT in a given collection. For instance, BAYC #830 sold for an impressive 504.3 Ether ($1.92 million) last month, while several other rare items have fetched over 30 Ether in recent days.

A comparison with CryptoPunks, the largest NFT collection by market capitalization, reveals a similar trend. CryptoPunks has also experienced a decline from its peak floor price of 113.9 Ether, albeit to a lesser extent of approximately 64%.

Industry experts are actively discussing the potential for a revival of digital art NFTs amid the current downturn. Shi Khai Wei, a founder at LongHash Ventures, believes that digital art NFTs "were never meant to exist on their own as projects." According to Wei, the teams behind these NFTs should consider merging them with other blockchain industry verticals to enhance their utility.

"It is very hard to raise things without a clear vision of the brand and actual products behind it," Wei explains.

However, Wei also acknowledges that NFTs can be a potent tool for blockchain-based projects that already incorporate in-game economies and offer NFT ownership.

"It is much easier if you already have a super clear vision. Here's the game, here's an infrastructure, here's a chain, here's a marketplace, and then you have your early adopter core community adopt [behind it]," Wei elaborates.

The future of digital art NFTs remains uncertain, with industry experts debating whether they can regain their former popularity. For the time being, the steep decline in BAYC's NFT floor price serves as a stark reminder of the challenges facing this emerging asset class.