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Bored Ape Yacht Club NFTs Face Sharp Decline Amid Broader Crypto Slump

Bored Ape Yacht Club NFTs Face Sharp Decline Amid Broader Crypto Slump

Recent data paints an intriguing picture for the blue-chip non-fungible token (NFT) collection Bored Ape Yacht Club (BAYC). Over a six-month span, its floor price tumbled from 76 ether down to a mere 21.99 ether. However, as of now, the BAYC floor is navigating a range of 23.90 ether to 24.65 ether, reflecting a significant drop of over 70% in its ETH floor value this year.

BAYC NFTs: A Rollercoaster of Dwindling Prices

From August 14 to August 23, 2023, cryptoslam.io records show that BAYC dominated last week’s NFT sales. Impressively, Bored Ape sales surged by 112.98% compared to the prior week’s figures.

Within this week-long window, the BAYC collection recorded $9.62 million in sales from 228 transactions involving 131 distinct buyers. Yet, despite the rise, BAYC NFTs’ floor price value is a shadow of its former self, reaching a low of 21.99 ether on August 23.

Bored Ape Yacht Club NFTs Face Sharp Decline Amid Broader Crypto Slump

On the same day, archived data figures from nftpricefloor.com valued the BAYC floor at 23.90 ETH, which translates to about $40,287 given the current ether exchange rate. Notably, 13 other collections boast a loftier floor value than BAYC. From early May 2023, Cryptopunks have consistently surpassed BAYC in floor value.

Bored Ape Yacht Club NFTs Face Sharp Decline Amid Broader Crypto Slump

By June 19, the gap between the two expanded considerably. Currently, nftpricefloor.com lists Cryptopunks’ floor value at a substantial 46.99 ETH, or roughly $79,209 when factoring in the prevailing ETH exchange rate.

The downturn of BAYC seems to parallel the struggles of the crypto asset apecoin (APE), which has diminished by 25.3% in the last 30 days. This decline aligns with a broader slide in daily NFT sales since July 5, 2023.

Currently, with BAYC’s prevailing floor value, its market capitalization hovers slightly above $400 million. From its inception, the project has amassed $2.92 billion in sales, spread across over 17,000 buyers. The latest insights indicate that, on average, a BAYC NFT owner retains their asset for just a touch beyond 37 days.

What do you think about the recent BAYC floor price drop? Do you expect a rebound or further downturn? Share your thoughts and opinions about this subject in the comments section below.



from Bitcoin News https://ift.tt/lKx3NrF
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