The price of Bored Ape Yacht Club (BAYC) NFTs has reached a historic low, with the minimum price dropping to around 10.9 ETH ($34,000) on Monday. This is a significant decrease from the floor price in early August 2021, which was at 9.5 ETH. Since then, the price hasn’t been this low.
BAYC: A Grace to Grass Story?
Back in the day, the collection was a big deal for those in the know. When it debuted in April 2021, it soared to popularity and ruled supreme in the NFT marketplace.
Despite a downturn in the NFT market as a whole, BAYC’s success remained robust. Its dedicated community stayed actively involved, and with the introduction of popular iterative collections, BAYC solidified its position as the uncontested frontrunner.
The celebrity endorsement of BAYC’s NFTs significantly increased its popularity, but both Kevin Hart and Justin Bieber subsequently sold their acquisitions at a loss.
Towards the end of 2022, problems arose when investors in Bored Apes discovered that several celebrities had endorsed the digital collectibles and MoonPay without disclosing that they had been paid for their promotions. MoonPay, a crypto company, facilitated Hart’s acquisition of a BAYC NFT in 2022 and is believed to have given similar NFTs as gifts to other celebrities like Snoop Dogg, Madonna, Jimmy Fallon, and others, in return for promoting their business publicly.
MoonPay refuted the claims, stating they didn’t distribute any free NFTs. Yet, the accusers request a trial by jury and seek over $5 million in compensation.
According to the data from charts, BAYC (Bored Ape Yacht Club) holds the number one spot among NFT collections with the highest sales volume in the collectibles market. This is based on information from Cryptoslam, which indicates an all-time sales volume of over $3 billion for this collection. However, it’s worth noting that this sudden success is quite astonishing.
NFT Market Outlook
The NFT market, once vibrant and bustling, has noticeably shrunk during the pandemic period. This could be due to the market being flooded with various types of NFTs or a decrease in buyer demand as suggested by Forbes in their January report. Additionally, economic conditions have a significant impact. The surge in NFT popularity occurred amidst economic instability. As economies recover and uncertainty lessens, it’s natural that people’s interest in high-risk investments wanes.
The cost of NFTs, including popular collections such as Bored Ape Yacht Club (BAYC), can change due to several factors. These include market interest, scarcity, and shifts in the crypto and NFT markets. However, it seems that BAYC’s declining floor price, which previously reached a high of 128 ETH, may indicate more than just market fluctuations. Instead, it appears to be a prolonged downturn with potentially negative consequences.
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2024-04-16 12:51