The Bored Ape Yacht Club NFT may have suffered a major setback, with the floor price of the once-celebrated collection hitting its lowest point since August 2021.
As of Monday, the floor price for the Bored Ape NFT has fallen to 10.9 ether (about $34,000), according to NFT price floor data. According to the NFT data site, the floor price of NFTs has not been that low since it reached 9.5 ether in early August 2021.
Yuga Labs, creator of the Bored Ape Yacht Club (BAYC) collection, declined to comment.
The collection, which once featured numerous celebrities promoting NFTs, first launched three years ago in April 2021. While the overall NFT market, especially for expensive profile picture tokens, has been stagnant for quite some time, BAYC is often considered the market’s biggest success story, boasting a highly engaged community and a collection of popular iterations.
Historically, BAYC has been the top NFT collection by sales among the collectibles market, registering over $3 billion according to CryptoSlam! data.
Bored Ape Yacht Club Lowest Price History. Image: NFT floor price limit.
Acquired by celebrities like Kevin Hart and Justin Bieber, BAYC was later sold for a fraction of its original price. According to NFT Price Floor, the current low is more than 90% lower than BAYC’s all-time high price of 128 ether (currently around $395,000), which was recorded in April 2022.
MoonPay, a cryptocurrency startup company, helped Hart purchase BAYC in 2022. According to reports They also gifted other celebrities BAYC NFTs in exchange for promoting MoonPay. The list of celebrities includes Hart, Bieber, Madonna And Jimmy Fallon.
However, MoonPay refused to provide NFTs to celebrities for free.
A class action lawsuit was filed in late 2022 alleging that celebrities publicly promoted Bored Apes and MoonPay without disclosing whether they had a financial interest in or compensation for the companies.
Last February, Yuga Labs replaced former Activision Blizzard executive Daniel Alegre as CEO with Yuga co-founder Greg Solano. In the same month, Yuga Labs also acquired competing non-fungible token creator Proof, best known for its Moonbirds collection.
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