It looks like the non-fungible token (NFT) market is in a bear market, alongside the general cryptocurrency industry as floor prices throughout the sector have suffered amid the broader market downturn. Even prestigious NFT sets are not left out as the floor price of the Bored Ape Yacht Club (BAYC) collection, one of the most expensive NFT collections has declined by more than 50% since the beginning of this month.
Data from Nifty Price reveals that BAYC’s floor price dipped to 97 ETH worth $194,000, signaling a 55% drawdown in dollar-denominated valuation from May 1, where the NFT floor price stood at 153 ETH worth approximately $432,000.
When looking at the BAYC floor price measured in Ether (ETH), the NFT collection has only fallen by a little over 35%, with the current floor price sitting at 97 ETH. The price of BAYC’s partnered cryptocurrency ApeCoin (APE) also suffered a significant drop in price, with the token down roughly 70% since the launch of Yuga Lab’s metaverse project: Otherside.
What you should know
- The lackluster market conditions also took their toll on the total number of BAYC sales, with sale volume down 83.94% when comparing the volumes seen at the beginning of the month to what it is today.
- Ownership of the NFT is also in a downtrend as the NFT collection also took a hit on this metric by 2.55% or the equivalent of 163 owners Month-on-Month.
- Data from NFT Price Floor also reveals that the average 30-day price floors of the NFT sector, in general, have declined by approximately 50% from a little over 40 towards the end of April to currently stand at 20.18. Transaction volumes have also declined significantly in the space.
- The recent declines in NFT prices is as a result of the United States Federal Reserve’s raised interest rates, Terra’s LUNA and UST-based platforms collapsed and traders coming to terms with the reality that the entire sector could be in a bear market.
- All of the other Yuga Labs released collections like the Otherdeed NFTs and Mutant Ape Yacht Club (MAYC) have all seen a decrease in their floor price.
- MAYC has seen nearly a 13% decrease in floor price in the last seven days.
- MAYC has been on quite a ride, falling drastically from its peak at 41.2 Ether (ETH) to $120,386 at the time. Currently, MAYC is valued at 19.6 Ether, an approximate 53% discount since MAYC’s pump was largely due to their eligibility to claim Yuga Labs’ Otherside’s Otherdeed NFT.
Despite all of the uproar and controversy surrounding the Otherdeed NFT drop, the project remains at the top of the charts in total volume even after a 75% drop over the last seven days.
The functionality of these digital lands is still unclear and Otherdeed has seen its floor price in a consistent downward trend. In the last seven days, the floor price decreased by 1.2%, and since minting, the price has dropped 55% from its all-time high at 7.4 Ether.