Bored Ape Yacht Club NFT now demonstrates just how low NFT demand has dropped in the context of a broader crypto market crisis.
According to NFT Price Floor, the floor price for a Bored Ape Yacht Club NFT (BAYC)—that is, the cheapest available item listed on a secondary marketplace is 80 ETH worth $96,469 at the writing time.
According to the website, the price dropped to $91,741 for first time in almost a year.
In less than two months, the price of an entry-level Bored Ape NFT has plummeted approximately 78% in terms of dollars.
On April 29, the day before Bored Ape creator Yuga Labs started their NFT virtual land sale for Otherside, a future game, the floor price hit a new high of over 152 ETH worth around $429,000 at the writing time. Holders of BAYC NFTs were eligible for free plots as NFTs.
Since then, the amount of ETH collected has decreased by 47%. That's a big figure in and of itself, but it also shows how the price of Ethereum has affected the value of NFT collections.
Since August 2021, when the collection soared alongside the economy, the BAYC hasn't had a sub-$100,000 floor price.
Over the last month, every big NFT collection has lost a significant amount of value.
Bored Apes have lost 54% of their value in the previous 30 days when assessed in USD, while CryptoPunks have lost 48% and the newer Moonbirds have lost 62%.