- BAYC has fallen 50% since March 1 and is presently reaching a sub-10 NFT floor price.
- The NFT project, which was backed by Yuga Labs, began in April 2021.
At 11.1 Ether (ETH), the floor price of Bored Ape Yacht Club (BAYC) NFTs has dropped to its lowest position since August 2021, a precipitous decline of more than 90% from its high. NFT Price Floor reports that BAYC has fallen 50% since March 1 and is presently reaching a sub-10 NFT floor price.
The NFT project, which was backed by Yuga Labs, began in April 2021; so, the NFT price floor is now at the same level as it was four months post launch. With the industry-wide reduction in demand for art NFTs, the NFT collection has fallen from its high of 128 Ether (ETH) established on May 1, 2022.
Viability of Digital Art NFTs
On the other hand, it’s worth mentioning that certain BAYC NFTs have managed to sell for far more than their floor price. The floor price is determined by looking at the NFT with the lowest price in a specific collection.
Just last month, BAYC #830 fetched 504.3 Ether, which was equivalent to $1.92 million at the time. A number of other rare items have also recently fetched prices exceeding 30 Ether. Even CryptoPunks, the most valuable NFT collection by market capitalization, has seen a decline from its all-time high of 113.9 Ether, although a more modest 64%.
At the same time, observers in the field are still debating the viability of digital art NFTs. According to LongHash Ventures co-founder Shi Khai Wei, digital art NFTs were never intended to stand alone as projects, and their development teams should think about how to combine them with other blockchain-related sectors so they can be more valuable.
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