One of the most iconic NFT collections takes a hit. However, it is not the only one to experience a major dump since the start of the bear market!
BAYC’s dazzling success!
BAYCs at their lowest? For several days, the cMajor NFT collections take the hit. Sales massive took place within the NFT ecosystem and the Bored Apes are no exception.
When crypto markets were booming in 2021 and early 2022, the Bored Ape Yacht Club was become synonymous with NFT for the general public. While the celebrities were buying these NFTs and creator Yuga Labs’ Otherside game was taking shape, NFTs hosted on the Ethereum network have increased in value.
These have reached a prix floor price of 152 ETH, or $429,000, in April 2022!
Before the descent into hell?
Since then things have changed a lot. Indeed in the sillage you bear market, the NFT market has run out of steam over the past year. The BAYCs fell as fast and as hard as they came up. Over the weekend, they reached a bottom price that had no not been reached for almost two years !
BAYC’s floor price fell to just over $52,000 last sundayor about 27 ETH at the time, according to data from NFT Price Floor. It has since rebounded slightly to a current price of $55,000 (around 28.5 ETH). It still represents a down 20% in the last week !
If we take last Sunday’s bottom as a benchmark, we are witnessing a dump over 88% (in dollars) compared to the collection’s ATH in terms of floor price.
The Blue Chip collections do not escape the dump!
Bored Ape Yacht Club isn’t the only collection to tumble. Mutant Ape Yacht Clubthe other cult collection from Yuga Labs, saw its rock bottom price drop 32% over the past week. Its price fell to just over 4.7 ETH last Sunday, or about $9,100. This is the lowest dollar value ever recorded by the NFT Price Floor since the project launched in 2021.
Azuki is another cult collection that suffered last week. Collectors of these NFTs were very upset with the launch last week of Azuki Elementals. A collection disappointing according to many investors and NFT market specialists.
ONE IS AN AZUKI AND ONE IS AN ELEMENTAL…. OMG … WHAT THE FCKKKKKKKKKK … I am down so much fucking money man …. FUCKKKKNN pic.twitter.com/KGFyEipXzb
— Wizard Of SoHo (🍷,🍷) (@wizardofsoho) June 27, 2023
La collection NFT d’Azuki a vu son floor price fall by 59% over the past week to reach approximately 6 ETH or 11,785 dollars. The floor price of Beanzanother collection from Azuki’s creator, Chiru Labs, has also dropped 77% to reach 0.4 ETH or around 750 dollars.
The NFT industry is known for its extreme volatility, higher than that of an already very volatile crypto market. These next few months will be decisive for these NFT collections which will have to bounce back at the risk of dying slowly…
Source : Decrypt
On the same subject :