Yuga Labs BAYC NFT Prices Plummet 88% from ATH
Summary: The NFT market has slowed down, and BAYC have declined as much as they have risen. The floor price for Bored Ape NFTs dropped to over $52,000, or 27 ETH, on Sunday night. This is the lowest starting price for BAYC in US Dollars since August 2021 and is down 88% from its high from April 2022.
During the bubble in the digital asset markets in 2021 and early 2022, the Bored Ape Yacht Club came to represent NFTs in the eyes of the general public. Ethereum NFTs soared in value as high-profile individuals and celebrities joined in and the Otherside created by Yuga Labs took form, eventually reaching the peak minimum price of 152 ETH (about $429,000) in April 2022.
Over 2 Years Low
However, the NFT market has slowed down in the last year and a half, and Bored Apes have declined almost as precipitously as they had risen. The floor price (or the price of the lowest advertised NFT) fell to a level not seen in over two years during the course of the weekend. They have plummeted to multi-year low pricing.
Down Staggering 88%
Moreover, on Sunday night, the floor price for Bored Ape NFTs dropped to slightly over $52,000, or around 27 ETH at the moment, according to statistics from NFT Price Floor. Although the price has recovered somewhat since then to about $55,000 (28.5 ETH), it is still down 20% against the dollar in that time.
Furthermore, in broader terms, the floor price at the Bored Ape Yacht Club has dropped by approximately 88% from its high in April 2022 to its low on Sunday. Also, in ETH terms, though, the drop is around 82% less severe. It’s also the cheapest starting price for Bored Apes in US Dollars since August 2021, or over two years.
Even MAYC Drops 32%
On the other hand, the floor price of Yuga’s other project, The Mutant Ape Yacht Club, dropped 32% in the previous week to 5 ETH, from a low of just over 4.7 ETH late Sunday (equivalent to around $9,100 at the time). Since its inception in 2021, NFT Price Floor has been keeping track of USD values, and this is the lowest one yet. This decline trend is not just with Yuga Labs NFTs but is common throughout the NFT sector in recent times.
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