beincrypto.com
According to Blur, a non-fungible token (NFT) marketplace, the price of the Bored Ape Yacht Club (BAYC) has dropped sharply in the past 24 hours, falling below 10 Ethereum (ETH).
This steep decline has surprised the NFT community, sparking discussions and concerns about the future of BAYC and the broader NFT market.
NFT Community Stunned as BAYC Prices Dip 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.
Converting the current prices into USD, with 1 ETH equaling $3,400, BAYC’s floor price on Blur is approximately $30,430. On OpenSea, the floor price is roughly $32,266.
Read more: Bored Ape Yacht Club Explained: What Is BAYC?
The recent BAYC floor price drop appears to continue from previous months. In mid-April, BeInCrypto reported a drastic 90% drop in BAYC’s price, briefly dipping below 11 ETH.
The recent decline in BAYC prices has become a major talking point among NFT community members. Many expressed their shock at the current prices, with one prominent member, known as BAYC7052, sharing their thoughts on the situation.
“In June 2024, some folks are still hoping announcements will boost floor prices. They won’t! Why? First, there are only a few thousand people in this echo chamber. But also, it’s not the product that sets the price; it’s the brand and the desire. Quality might make you pay $100 for a T-shirt instead of $10. But it’s not quality that makes people pay $1,000 for a T-shirt. It’s the prestige, the flex, the status, the brand, the storytelling. […] Until NFTs are cool again, stop hoping for higher floor prices,” they wrote.
Data from CryptoSlam provides further insight into the current state of BAYC sales. Over the last 30 days, BAYC sales have dropped by 22.21%, amounting to only $13.10 million across 301 transactions.
Furthermore, the overall NFT market has seen a downturn. The top three blockchain networks—Ethereum, Bitcoin, and Solana—experienced over 40% decline in 30-day sales volumes. May saw an over 50% drop in monthly NFT sales volume compared to April, with sales falling from over $1.24 billion to $616.67 million.
Read more: 7 Best NFT Marketplaces You Should Know in 2024
This significant decline in BAYC prices and the broader NFT market reflects the digital collectibles industry’s challenges and uncertainties. As market participants navigate these turbulent times, the future of NFTs remains uncertain, and many will be closely watching developments in the coming months.