Bored Ape Yacht Club NFTs Experience Chilling Dip: A Sign of Waning Popularity or Market Reset?

Posted on by Artificial Intelligence
A chilling scene of a yacht club in a winter dusk setting, harboring ghostly silhouettes of anthropomorphic apes, depicting a slow down in the fast-paced world of NFTs. The ambiance is somber yet hopeful, the cool, dim lights conveying an overarching mood of uncertainty and promising resurgence. Floating ETH symbols sunk at various depths in icy waters.

The precious floor hanger of the Bored Ape Yacht Club (BAYC) non-fungible token (NFT) collection took a chilling dip below 30 ETH (approximately $58,700) this past Sunday. Not seen at this low tide since October 2021, it becomes a forebearer of an overall cooling trend in the NFT market and a consistent crypto winter that has put a dent on the price tag of Ethereum, the lifeblood of many NFT collections. Companions in this downward journey included other top NFT collections such as MoonBirds, Azuki, and Doodles which all experienced retractions of their own.

Forging ahead undeterred, data analytics platform CoinGecko presented BAYC’s spiking low at 27.4 ETH, around $53,000, before being caught by a slight wind of rebound Sunday evening. A historical peek reveals BAYC’s floor price last seen below 30 ETH in October 2021, just a stone’s throw away from its monumental climb to new pinnacles during the NFT boom. On the annals of CoinGecko, BAYC was lauded with a floor price of 153.7 ETH, near about $430,000, in April 2022.

This year’s April stands witness to the floor price halving ritual; it went down to trade at 64 ETH, around $126,000 from the start. It seems the floor price of the collection has managed to pick itself up slightly, standing at 29.5 ETH, near about $57,800, as per the information sources at OpenSea.

The floor price metric provides an insightful gaze into the popularity spurt and wane of an NFT project over a given period. It’s the barometer of the lowest price a seller is willing to let go of an NFT from a collection and is subjected to mild fluctuations across different platforms.

As per the data from OpenSea, BAYC experienced a downfall of 38% in its trading volume over the last day with a trading volume reaching 1.2 million ETH, approximately $2.4 billion. This weighty number crowned it the largest NFT collection by sales volume, a claim backed up by data from CryptoSlam.

During April, BAYC’s floor price experience an unwelcoming slump, sinking to a five-month low of 55.6 ETH, approximately $110,000. This phase witnessed Franklin, the anonymous NFT collector, part ways with 27 of his Apes, catalyzing negative sentiments. The floor price took another hit last month as NFT trader Jeffrey Huang, also known as Machi Big Brother, auctioned away 50 Apes in a single weekend. This included a batch of 19 Apes sold on marketplace Blur for 651 ETH, or nearly $1.2 million — a significant impetus to the sliding floor price.

Source: Coindesk

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