KEY POINTS
The Bored Ape Yacht Club (BAYC), hailed as one of the most prominent non-fungible token (NFT) collections, appears to be feeling the pinch of the NFT market’s recent downturns. With its current floor price plummeting to 11.08 ETH, it marks the lowest point since August 2021.
Data from CoinGecko reveals that in August 2021, just four months post-collection release, BAYC NFTs recorded an average floor price of 11 ETH. Fast forward to May 2022, and BAYC reached its pinnacle with an all-time high floor price of 153.70 ETH, approximately $420,000 — a staggering 1,290% increase from the previous year.
However, as of late, BAYC NFTs appear to be retracing their steps to their humble beginnings. This regression might be attributed to the waning interest in NFTs that characterized 2023, coupled with regulatory uncertainties prompting several businesses to halt their NFT-related ventures.
The downturn is exemplified further by Kevin Hart’s BAYC NFT, purchased in 2022, which recently sold for 74% less than its original price.
Data sourced from CryptoSlam also shows a downward trajectory in BAYC NFT sales, with a notable -29% dip in the last 30 days. Moreover, there has been a decline in the average holding time, now standing at 60 days — a -73% change over the past month.
Despite these setbacks, BAYC retains its prominent position, ranking second only to Axie Infinity in the list of top NFT collections by sales volume.
Launched in April 2021, BAYC includes 10,000 Ethereum-based apes sporting various outfits, hues, and personalities. Initially garnering around $2 million, BAYC prices surged thereafter, attracting a slew of celebrity buyers including Brazilian footballer Neymar, singer Madonna, and Justin Bieber.
While the prospect of BAYC and other NFT collections reclaiming their heyday remains uncertain, market projections for the NFT sector remain optimistic; BCC Research forecasts a robust growth trajectory, with an anticipated value of $125.6 billion by 2027.
