Google NewsYEREVAN (CoinChapter.com) — Bored Ape Yacht Club (BAYC), the popular NFT collection from Yuga Labs, has seen its floor price plummet by 64% since May 1 last year.
The decline in BAYC’s value mirrors the overall downturn in the NFT market. According to a recent report by Galaxy Research, the NFT market in 2023 is witnessing a decline. The fall is characterized by a notable decrease in daily trading volumes compared to previous peaks.
The monitoring website NFT Price Floor data suggests that the iconic ape-themed collectibles have fewer takers. For example, in May 2022, during the project’s hay days, the cheapest Ape on the market fetched a whopping 128 ETH.
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When ETH was over $2,800, it amounted to around $360,000 per Ape.
However, things have changed drastically since then. Ethereum’s price has fallen by over 60% since its all-time high of $4,891 in November 2021. Today, the second-largest crypto by market cap fetches around $1,785.
The price of BAYC NFTs has also tanked. Currently, the cheapest Ape on major marketplaces, such as OpenSea, fetches just 45 ETH. In the current market, it roughly amounts to $80,000. While still a large number, it is a huge discount from last year’s figures.
BAYC Fares Better than Most NFT Collections
In its defense, BAYC has held up relatively well compared to other Ethereum (ETH)-based NFT projects. Notably, other popular projects like Mekaverse and Moonbirds have experienced significant crashes.
According to data from NFT Stats, the floor price of Moonbirds is down by over 90%. It currently stands at 2.094 ETH or around $3,700.
In April last year, the project’s floor price was 28.99 ETH. While in today’s exchange rates, that is $51,700. Back in 2022, it was around $87,000.
On April 16, 2022, Prominent American internet entrepreneur Kevin Rose launched Moonbirds, a collection of 10,000 NFTs. He created the set as part of his Proof Collective, a private members-only collective of NFT collectors and artists.
Within days of its launch, Moonbirds became one of the top collections, flipping giants like Bored Ape Yacht Club (BAYC) and its cousin, Mutant Ape.
As the Ethereum-based NFT market faces challenges, the Bitcoin Ordinal market has gained momentum, stealing the spotlight from its counterparts. As a result, earlier this year, the team behind the project announced plans to launch the collection on the Bitcoin (BTC) network.
Last year, Yuga Labs appointed Daniel Alegre, the former COO of Activision Blizzard, as its new CEO. The company has raised over $1 billion through virtual land sales on Otherdeed for Otherside and is actively working on launching its game.
Additionally, Yuga Labs must find a use case for its Ape token, which experienced a significant drop of 73% since its launch last year.
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