Bored Ape Yacht Club NFT Prices Plunge Over 90% Amid Broader Market Slump
Summary:
The base price of Bored Ape Yacht Club (BAYC) NFTs has plummeted over 90% from its peak, down to 11.1 Ether, marking an industry-wide decline in digital art NFTs. Despite this, certain BAYC NFTs still fetch significantly higher prices. Meanwhile, the largest NFT collection by market cap, CryptoPunks, has also experienced a price drop. Insiders suggest digital art NFTs need to merge with other blockchain sectors to regain vitality.
The base price for nonfungible tokens (NFTs) from the Bored Ape Yacht Club (BAYC) has witnessed a drastic dip of over 90% from its utmost high, reaching as low as 11.1 Ether (ETH) - a level not seen since August 2021. As per the data from NFT Price Floor, the BAYC NFTs' base price is on the brink of falling under 10, showing a 50% slump since March 1. The drop in the price floor of BAYC’s NFTs to a point similar to four months after their April 2021 launch, underlines a broader industry dip in NFTs of digital artwork. But it's important to highlight that certain BAYC NFTs continue to fetch prices far above the base level. For instance, BAYC #830 fetched a whopping 504.3 Ether ($1.92 million) last month, with few other rare pieces sold for more than 30 Ether recently. Meanwhile, CryptoPunks, the major NFT collection by market capitalization, saw its base price drop by 64% from a high of 113.9 Ether. In the midst of this, market insiders are contemplating the resurgence potential of digital art NFTs. Shi Khai Wei of LongHash Ventures expressed that digital art NFTs were never designed to function as standalone projects. Instead, they should consider merging with other blockchain industry sectors for usefulness. Outlining the importance of a clear brand vision and actual products, Wei said NFTs could be a game-changer for projects that already incorporate in-game economies and offer NFT ownership.
Published At
4/16/2024 7:45:01 AM
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