NFT Market Slump: Bored Ape Floor Price Hits Two-Year Low

NFT Market Slump: Bored Ape Floor Price Hits Two-Year Low

Time Stamp: July 4, 2023 4:45 AM
NFT Market Slump: Bored Ape Floor Price Hits Two-Year Low PlatoBlockchain Data Intelligence. Vertical Search. Ai.
  • The floor price for Bored Ape NFTs fell on Sunday night to around 27 ETH.
  • From its peak in April 2022, the floor price at the BAYC has fallen by almost 88%.

As more and more famous people began investing in NFTs, Yuga Labs’ projects began to take shape. The value of these tokens skyrocketed, specifically BAYC reaching a peak minimum price of 152 ETH which is approx. $429,000 in April of last year.

There has been a slowdown in the NFT market over the last year, and Bored Apes have fallen dramatically over this time period. Over the course of the weekend, the floor price dropped to a two-year low. 

Entire NFT Market Takes a Hit

During the course of the previous year, the entire value of the NFT market saw a decline of 53%, landing at 3.33 million ETH.

According to data from NFT Price Floor, the floor price for Bored Ape NFTs fell on Sunday night to a little over $52,000, or around 27 ETH at the time of writing. Despite a little increase to over $55,000 (28.5 ETH) in the intervening period, the price is still down 20% versus the dollar.

In comparison, from its peak in April of last year, the floor price at the Bored Ape Yacht Club has fallen by almost 88% to its recent low on Sunday. However, when converted to ether, the decline is around 82%. It’s also the lowest entry point for BAYC in US Dollars since August 2021, a span of nearly two years.

Alternatively, Yuga’s other project, The Mutant Ape Yacht Club (MAYC), had a 32% decrease in its floor price over the previous week, from a low of just over 4.7 ETH late Sunday (equal to roughly $9,100 at the time) to 5 ETH now. 

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