According to Blur, a non-fungible token (NFT) marketplace, the price of Bored Ape Yacht Club (BAYC) has plummeted over the past 24 hours, falling below $10 Ethereum (ETH).
This sharp decline has surprised the NFT community and sparked discussion and concerns about the future of BAYC and the broader NFT market.
At the time of writing, Blur lists the lowest price for BAYC as 8.95 ETH. Meanwhile, OpenSea, another major NFT marketplace, shows a slightly higher floor price of 9.49 ETH.
Converting current prices to USD, 1 ETH is equivalent to $3,400, and the lowest BAYC price on Blur is approximately $30,430. OpenSea’s lowest price is approximately $32,266.
Read more: Bored Ape Yacht Club Description: What is BAYC?
The recent decline in the BAYC floor price appears to have continued from the previous month. In mid-April, BeInCrypto reported that the price of BAYC plummeted 90%, briefly falling below 11 ETH.
The recent BAYC price drop has become a major topic of discussion among NFT community members. Many people are shocked by the current price and one popular member known as BAYC7052 shared his thoughts on the situation.
“Even in June 2024, some people are hoping that the announcement will result in an increase in the floor price limit. They won’t! why? First, there are only a few thousand people in this echo chamber. But it’s not the product that determines the price. It is a brand and a desire. If the quality is good, you might end up paying $100 for a t-shirt instead of $10. But it’s not quality that makes people pay $1,000 for a t-shirt. They are prestige, flexibility, status, branding and storytelling. (…) Stop hoping for higher prices until NFTs become cool again,” they wrote.
Data from CryptoSlam provides additional insight into the current state of BAYC sales. Over the past 30 days, BAYC revenue has decreased by 22.21%, reaching just $13.1 million across 301 transactions.
Additionally, the entire NFT market has suffered a downturn. The top three blockchain networks (Ethereum, Bitcoin, and Solana) saw sales decline by more than 40% over a 30-day period. In May, monthly NFT sales fell more than 50% compared to April, with revenue falling from $1.24 billion to $616.67 million.
Read more: 7 Best NFT Marketplaces to Know About in 2024
This sharp decline in the price of BAYC and the broader NFT market reflects the challenges and uncertainty in the digital collectibles industry. As market participants navigate these turbulent times, the future of NFTs remains uncertain and many will be watching developments closely in the coming months.
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