The cost of a Bored Ape Yacht Club (BAYC) non-fungible token on the floor, which is the lowest price available, has dropped by more than 90% from its highest point and now stands at only 11.1 Ether (ETH). This is the cheapest it’s been since August of 2021.
The floor price for BAYC NFTs on the market is getting closer to the $10 mark, representing a 50% decrease since March 1 as indicated by NFT Price Floor.
An NFT project supported by Yuga Labs debuted in April 2021, and now, approximately four months later, the floor price for buying its NFTs in the market is back at its launch value.
The value of the NFT collection I’m referring to dropped from its highest point of 128 Ether (ETH) reached on May 1, 2022, as part of a broader trend of decreasing interest in digital art NFTs across the industry.
Despite this, some BAYC NFTs have still been selling for notably higher prices than their floor price. The floor price is determined by finding the least expensive NFT within the collection.
Last month, BAYC number 830 was purchased for approximately 504.3 Ethereum, equivalent to around $1.92 million at that moment in time. Notably, other scarcely available items have been sold for over 30 Ethereum recently.
The most valuable NFT collection by market capitalization, CryptoPunks, has experienced a decrease in floor price from its peak of 113.9 Ethereum, amounting to approximately 64% reduction.
Meanwhile, industry commentators continue to ponder whether digital art NFTs can make a comeback.
In simple terms, Shi Khai Wei, co-founder of LongHash Ventures, told CryptoMoon that digital art NFTs (Non-Fungible Tokens) were not intended to operate independently. He suggested that the teams behind these projects should explore collaborations or integrations with other sectors in the blockchain industry to enhance their value and utility.
“Raising things effectively requires having a distinct brand image and well-defined products, according to Wei.”
NFTs can serve as an extra strength for blockchain initiatives that currently have in-game economies and provide NFT ownership, according to Wei.
“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].”
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2024-04-16 07:50