According to Blur, a non-fungible token (NFT) marketplace, the price of Bored Ape Yacht Club (BAYC) has fallen sharply over the past 24 hours, falling below 10 Ethereum (ETH).
This steep decline has taken the NFT community by surprise and sparked debate and concerns about the future of BAYC and the broader NFT market.
NFT community stunned as BAYC prices fell below 10 ETH
At the time of writing, Blur lists BAYC’s floor price as 8.95 ETH. Meanwhile, OpenSea, another major NFT marketplace, shows a slightly higher floor price of 9.49 ETH.
If we convert current prices into USD, where 1 ETH is equal to $3,400, the floor price of BAYC on Blur is approximately $30,430. On OpenSea the minimum price is approximately $32,266.
Read more: Bored Ape Yacht Club explained: What is BAYC?
BAYC floor price. Source: Blur
The recent decline in the BAYC floor price appears to be continuing compared to previous months. In mid-April, BeInCrypto reported a drastic 90% drop in the price of BAYC, which briefly fell below 11 ETH.
The recent drop in BAYC prices has become a major talking point among members of the NFT community. Many expressed shock at the current prices, with one prominent member known as BAYC7052 sharing his thoughts on the situation.
“In June 2024, some people are still hoping that announcements will raise floor prices. They won’t! Why? First of all, there are only a few thousand people in this echo chamber. But it is also not the product that determines the price; it’s the brand and the desire. Quality can mean you pay $100 for a T-shirt instead of $10. But it’s not the quality that makes people pay a thousand dollars for a T-shirt. It’s about the prestige, the flexibility, the status, the brand, the stories. […] Until NFTs are cool again, stop hoping for higher rock bottom prices,” they wrote.
Data from CryptoSlam provides further insight into the current state of BAYC sales. Over the past 30 days, BAYC’s revenue is down 22.21%, amounting to just $13.10 million across 301 transactions.
Furthermore, the overall NFT market has seen a downturn. The three largest blockchain networks – Ethereum, Bitcoin and Solana – experienced a decline of more than 40% in 30-day sales volumes. In May, monthly NFT sales volume fell by more than 50% compared to April, with sales falling from over $1.24 billion to $616.67 million.
Read more: 7 Best NFT Marketplaces You Need to Know About in 2024
NFT monthly turnover. Source: CryptoSlam
This significant decline in BAYC prices and the broader NFT market reflects the challenges and uncertainties of the digital collectibles industry. As market participants navigate these turbulent times, the future of NFTs remains uncertain, and many will be keeping a close eye on developments in the coming months.