As the cryptocurrency market experiences one of the biggest downturns in its history, NFTs are feeling the heat as much as crypto coins, if not more so.
The standout red flag is that floor prices of Bored Ape Yacht Club (BAYC) NFTs, at one time the market’s most valuable, have plunged below US$100,000, down 80 percent from their all-time high (ATH).
Crypto Winter Chills Demand for NFTs
BAYC NFTs reached a floor price of almost US$450,000 on April 29, the collection’s ATH. Floor price refers to the average cost of a product. According to data from NFT Price Floor, the current floor price of Bored Apes is 76 ETH, or US$88,000:
Throughout 2021 and early 2022, Bored Apes enjoyed great success in the NFT market, becoming one of the top-selling collections with sales north of US$1.5 million for a single Bored Ape NFT. Last month, an Australian investor managed to turn US$300 into a whopping US$5 million after buying a particularly rare Ape for what amounted to 0.01 percent of its value at the time.
Other NFT Projects Fall Hard
Due to the market sell-off that started a few months ago, NFTs in general have seen a steady decline in sales volume. The sales volume of CryptoPunks, another popular collection, has dropped nearly 70 percent in the past 30 days, according to data from OKX. Other popular collections such as Azuki and Moonbirds are doing it harder, down 86.40 percent and 91.65 percent respectively.
A few months before the massive market sell-off, Bored Apes creators Yuga Labs acquired the commercial rights to two of the most popular collections on the market, CryptoPunks and Meebits.
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