The Fall of the Apes: BAYC Floor Price Plummets to New Lows

The once-thriving market for Ethereum-based non-fungible tokens (NFTs) has experienced a significant downturn, with the flagship collection Bored Ape Yacht Club (BAYC) witnessing a staggering 90% drop in its floor price from its peak.

The collection, which launched in April 2021, now sees its lowest valuation since August 2021, with the floor price momentarily dipping below 11 Ethereum (ETH) before settling at around 11.12 ETH.

TLDR

• Bored Ape Yacht Club (BAYC) NFT collection’s floor price has fallen over 90% from its peak, reaching its lowest point since August 2021.
• The decline in BAYC’s value reflects a broader waning interest in Ethereum-based NFT collections.
• Despite the overall decline, some rare BAYC NFTs have continued to sell significantly above the floor price.
• Bitcoin-based NFTs, known as Bitcoin Ordinals, have been outperforming Ethereum NFTs in sales volume over the last 30 days.
• Select blue-chip collections like CryptoPunks have defied the prevailing trends, with two alien Punks selling for over $16 million each in March 2023.

This decline in BAYC’s value is not an isolated incident but rather a reflection of a broader trend in the Ethereum NFT sector. Data from CryptoSlam reveals a noticeable drop in BAYC’s sales performance over the last 30 days, with the collection recording a total sales value of $28,933,804, a 28.23% decline from the previous period.

Bitcoin-based NFTs, known as Bitcoin Ordinals, have been gaining traction. Over the last 30 days, Bitcoin Ordinals have recorded a sales volume of $457.98 million, significantly outpacing the $299 million achieved by Ethereum NFTs. The “Uncategorized Bitcoin Ordinals,” encompassing a diverse range of yet-to-be-categorized assets, lead the market in sales value.

However, despite the apparent waning enthusiasm for Ethereum NFTs, some collections have defied the prevailing trends. CryptoPunks, for example, has seen two extremely rare alien Punks sell for over $16 million each in March 2023. These sales, involving CryptoPunk #3100 and CryptoPunk #7804, were the first involving alien Punks since early 2022 and provided a glimmer of hope for the lagging Ethereum NFT market.

The buyer of CryptoPunk #7804, known as Artudito, shared their vision for the purchase, stating that the artwork is “poised to become as iconic as, if not more than, the Mona Lisa.” This statement highlights the enduring belief among some collectors in the potential of NFTs as a groundbreaking form of digital art.