Nfts
Bored Ape Yacht Club (BAYC) Floor Price Drops Below 10 ETH
According to Blur, a non-fungible token (NFT) marketplace, the price of Bored Monkey Club Yacht (BAYC) fell sharply over the past 24 hours, falling below 10 Ethereum (ETH).
This sharp drop surprised the NFT community, sparking discussions and concerns about the future of BAYC and the broader NFT market.
At the time of writing, Blur reports that BAYC’s floor price is 8.95 ETH. In the meantime, Open Seaanother major NFT Marketplace, watch a slightly higher floor price of 9.49 ETH.
Converting current prices to USD, with 1 ETH equaling $3,400, BAYC’s floor price on Blur is around $30,430. On OpenSea, the floor price is around $32,266.
Learn more: Bored Ape Yacht Club Explained: What is BAYC?
BAYC floor price. Source: Get confused
The recent decline in the BAYC floor price appears to be continuing from previous months. In mid-April, BeInCrypto reported a drastic 90% drop in the price of BAYCbriefly dipping below 11 ETH.
The recent BAYC price drop has become a major topic of discussion among members of the NFT community. Many have expressed shock at the current prices, with one prominent member, known as BAYC7052, sharing his thoughts on the situation.
“In June 2024, some still hope that the announcements will raise floor prices. They won’t! For what? First, there are only a few thousand people in this echo chamber. But it’s not the product that sets the price either; it’s the brand and the desire. Quality might make you pay $100 for a t-shirt instead of $10. But it’s not quality that makes you pay $1,000 for a t-shirt. It’s the prestige, the flex, the status, the brand, the storytelling. […] Until NFTs are cool again, stop hoping for higher price floors,” they say. wrote.
Data from CryptoSlam provides additional insights into the current state of BAYC sales. Over the past 30 days, BAYC sales fell 22.21%, amounting to just $13.10 million across 301 transactions.
Furthermore, the whole The NFT market has seen a slowdown. The three major blockchain networks – Ethereum, Bitcoin and Solana – saw a drop of more than 40% in their 30-day sales volumes. May saw a drop of more than 50% in monthly NFT sales volume compared to April, with sales increasing from over $1.24 billion to $616.67 million.
Learn more: 7 Best NFT Markets You Should Know About in 2024
This significant drop in BAYC prices and the broader NFT market reflects the challenges and uncertainties of the digital collectibles industry. As market participants navigate this turbulent period, the future of NFTs remains uncertain, and many will be closely monitoring developments in the coming months.
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