Bored Ape Yacht Club NFTs Plunge, Touching Depths Unseen Since 2021

The iconic BAYC NFT collection’s floor price reached 27.4 ETH (about $53k) – the lowest in 20 months.

TL;DR

• The floor price of Bored Ape Yacht Club NFTs dropped below 30 ETH, reaching its lowest point since October 2021.
• The drop represents a significant decrease from the historic high of 153.7 ETH in April 2022, marking a 90% decline.
• The NFT market as a whole has experienced a tough month in June, and the Blur marketplace may have contributed to the decline.

How Much Did the BAYC NFTs’ Floor Price Drop?

Last weekend, the Bored Ape Yacht Club NFTs’ floor price suddenly dropped below 30 ETH, CoinGecko analytics showed. Surprisingly, the BAYC floor price hasn’t been this low since October 2021.

Of course, the news shocked the NFT community. After all, 24.7 ETH is hugely lower than the historic 153.7 ETH floor price recorded in April 2022. The visual representation below showcases the collection’s drastic decrease in value:

However, the Apes were doing reasonably well earlier in June with a 64 ETH starting price (about $126,000). At the time of writing, the collection is slowly recovering from the drop with a 31.5 ETH floor price. Data from CoinGecko also shows a 2,906 ETH trading volume over the past 24 hours.

What About Other Blue-Chip NFT Collections?

BAYC isn’t the only NFT collection dealing with a floor price drop. In fact, June has been a tough month for the NFT market overall. The most recent CryptoSlam data reported a $31.3 million drop in NFT trading volume in June compared to May.

In other words, many collectors are still struggling with the bear market, including A-list stars. The perfect example is Justin Bieber, who bought a BAYC NFT in January 2022 for a staggering $1.31 million:

Some NFT traders and analysts believe this drop in sales has something to do with the new NFT marketplace, Blur. Due to their airdrop campaigns and zero royalty fee policy, the new platform had a whopping 65% market share in May alone. However, OpenSea still has the most traders – 377k compared to the 36,673 active users on Blur. Right now, traders are still debating over the Blur – OpenSea digital war.

In essence, this marketplace war may have affected the NFT market in June, and it might be a while until it gets back on track.