Bored Ape Yacht Club (BAYC) NFTs facing a historic price drop.
Bored Ape Yacht Club (BAYC) has witnessed a decline in price and engagement. Over the last six months, BAYC has seen its price drop over 70%.
Bored Ape Yacht Club NFTs prices tumble
Blue-chip NFT collection, Bored Ape Yacht Club (BAYC) has seen the price of its NFTs crash from a floor price of 76ETH to a measly 21.99ETH.
New data from cryptoslam.io covering August 14 to 23 indicates that BAYC dominated last week’s NFT sales. Sales volumes were up 112.98% compared to weeks prior.
During the last week window, the expensive NFT only saw sales totalling $9.62M from 228 transactions involving 131 buyers. Despite the rise, the new price of BAYC is a testament of the general decline of the NFT market with the August 23 floor price set at 21.99ETH.
Data from ASXN corroborates this sharp decline. A historic low price of 23ETH shows on the data chart with more than 108 BAYC NFTs facing the risk of liquidation.
On Blur and OpenSea platforms, the price of the Yuba Labs NFTs were 23.1 and 23.49ETH, respectively. Cryptopunks, a popular BAYC competitor, has since surpassed it. It currently sells at a floor of 46ETH according data from nftpricefloor.com.
As the downturn affects its non-fungible tokens, it’s also affecting its fungible tokens. The crypto asset apecoin (APE) has slumped by 25.3% in the last 30 days.
General NFT market in red
The ripple effect of the general crypto market historically affects the NFT market. BAYC, Cryptopunks, Azuki, and other blue-chip projects have contributed to the NFT volume. Their gradual fall is indicative of the fall of the market.
Despite this substantial contribution, Yuga Labs was only responsible for about 15% of the entire revenue on OpenSea. Year-to-date statistics list Yuga Labs as the leading contributor, despite the fact that its numbers have significantly decreased as market volumes have reportedly moved to other platforms like Blur.
General volumes have fallen on marketplaces too. Per data from DappRadar, in the last seven days, Blur has seen $52.22M in volume, down 40.38%. OpenSea has also only traded $19.56M within the same time, with volume slumping 9.98%.
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