Apr 16, 2024 at 05:00The floor price of Bored Ape Yacht Club (BAYC) nonfungible tokens (NFTs) has nosedived over 90% from its highest point, now resting at 11.1 Ether (ETH) or $3,059 — marking its lowest level since August 2021.
Since March 1 alone, BAYC’s floor price has plummeted by 50%, inching closer to a sub-10-ETH floor price, according to NFT Price Floor data. This brings BAYC back to its price point just four months after its April 2021 launch.
The decline from its peak of 128 ETH, recorded on May 1, 2022, is emblematic of a broader trend in the digital art NFT market, where interest seems to be waning.
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However, despite this overall slump, certain BAYC NFTs have managed to command prices well above the floor. For instance, BAYC #830 fetched 504.3 ETH ($1.92 million at the time) recently, and several other rare items have sold for over 30 ETH in recent days.
Similarly, CryptoPunks, the largest NFT collection by market cap, has seen its floor price drop from its peak of 113.9 ETH, albeit by a lesser margin of 64%.
Industry experts are now debating whether digital art NFTs can stage a resurgence. Shi Khai Wei, co-founder and COO of LongHash Ventures, suggests that these NFTs need to be integrated into broader blockchain ecosystems to thrive.
According to Wei, while it’s challenging for standalone digital art NFT projects to gain traction, they can become a potent tool when incorporated into blockchain projects with clear visions and product offerings, particularly those involving in-game economies and NFT ownership.
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