Bored Ape Ethereum NFTs Drop Below $100K for First Time in Almost a Year
As the crypto market suffers, the popular Ethereum NFT collection reaches a low entry price not seen since last August 2021.
The floor or entry-level price for a Bored Ape Yacht Club NFT has fallen below $100,000 for the first time since August 2o21.
It's down 78% since late April when Bored Apes started at approx $429,000.
The Bored Ape Yacht Club has been a key symbol of rising valuations in the NFT market, with celebrities snapping up disinterested ape illustrations alongside seven-figure sales. the Ethereum profile picture collection is showing just how far NFT demand has fallen amid a wider crypto market crash.
The floor price for a Bored Ape Yacht Club NFT which is the cheapest available item listed on a secondary marketplace now sits at @96,469 or 80 ETH, according to NFT Price Floor, the price fell as low as $91,741 per the website data.
The cost of an entry-level Bored Ape NFT has decreased approx 78% in less than two months. The floor price sat at a record high of approx $429,000 on April 29, the day before Bored Ape creator Yuga Labs launched its NFT virtual land sale for an upcoming game, Bored Ape holders were able to claim free plots as NFTs.
The collection has seen a 47% drop since then. That's a significant stat all the same, but it also reflects how much the falling price of Ethereum has impacted the valuations of NFT collections. the Bored Ape Yacht Club hasn't seen a sub $ 100,000-floor price since August 2021. when the collection surged alongside the wider NFT market.
Every significant NFT collection has lost a huge amount of value over the past month. when measured in USD, Bored Apes are decreased by 54% in the span and the newer Moonbirds have shed 62% of their value.
NFT serves as a proof of ownership to an item and often represents digital goods such as profile picture illustrations, sports and entertainment collectibles, and video game items.
The NFT market saw skyrocketing demand in 2021, generating $25 billion worth of trading volume per data from DappRadar. That demand has continued into 2022, with approx $16 billion worth of organic trading in the first four months of the year, On May 1 leading NFT marketplace OpenSea marked its best single day of trading at $476 million.
The fading crypto market appears to have impacted the NFT space significantly with daily trading volume falling off a cliff in early May as crypto price crashed. On Monday leading coins like Bitcoin and Ethereum reached lows not seen since 2022, and NFT trading climbed as buyers sought "bargains" amid depressed prices.
The Bored Ape Yacht Club is one of the best-known and most successful collections in the NFT space. The original set of 10,000 profile pictures with randomly generated traits has thus far yielded more than $2.2 billion worth of trading volume to date, per crypto scam with the subsequent collection and associated projects boosting that tally.
The Bored Ape NFT collection has yielded approx $96 million in trading volume over the last 30 days down almost 72% from the previous 30-day window.
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