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, dropping below 10 Ethereum (ETH).
This sharp decline surprised the NFT community, sparking discussions and concerns about the future of BAYC and the broader NFT market.
NFT Community Stunned As BAYC Prices Drop Below 10 ETH
At the time of writing, Blur lists the minimum price of BAYC at 8.95 ETH. Meanwhile, OpenSea, another major NFT marketplace, shows a slightly higher floor price of 9.49 ETH.
Converting current prices to USD, with 1 ETH equal to $3,400, the lowest price of BAYC on Blur is around $30,430. On OpenSea, the minimum price is around $32,266.
Read more: Bored Ape Yacht Club Explained: What is BAYC?
BAYC minimum price. Source: blur
The recent decline in the BAYC minimum price appears to be continuing from previous months. In mid-April, BeInCrypto reported a dramatic 90% drop in the price of BAYC, briefly dropping below 11 ETH.
The recent BAYC price drop has become a major talking point among members of the NFT community. Many have expressed their shock at the current prices, with one prominent member, known as BAYC7052, sharing his thoughts on the situation.
“In June 2024, some people still hope that the announcements will increase minimum prices. They won’t! Why? First, there are only a few thousand people in this echo chamber. Furthermore, it is not the product that determines 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 flexibility, the status, the branding, the storytelling. […] Until NFTs are attractive again, stop hoping for higher price floors,” they wrote.
CryptoSlam data provides further insight into the current state of BAYC sales. Over the past 30 days, BAYC’s sales have decreased by 22.21%, amounting to just $13.10 million across 301 transactions.
Furthermore, the overall NFT market has seen a decline. The three major blockchain networks – Ethereum, Bitcoin and Solana – have seen a decline of more than 40% in sales volumes in 30 days. May saw a more than 50% decline in monthly NFT sales volume compared to April, with sales dropping from more than $1.24 billion to $616.67 million.
Read more: 7 Best NFT Marketplaces You Should Know in 2024
Monthly NFT Sales. Source: CryptoSlam
This significant drop 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 closely monitoring developments in the coming months.
