- The floor price for the once-celebrated NFTs from web3 powerhouse Bored Ape Yacht Club has dropped to its lowest level since August 2021.
- Since it reached its peak almost two years ago, the floor price has decreased by over 90%.
Given that the floor price of the once-celebrated collection has dropped to its lowest position since August 2021, Bored Ape Yacht Club NFTs might have had more than just a rough patch.
NFT Price Floor data shows that as of Monday, the floor price on Bored Ape NFTs dropped to 10.9 ether, or roughly $34,000. According to the NFT data site as well, the floor price of NFTs has not been this low since early August 2021, when it reached 9.5 ether.
The company behind the Bored Ape Yacht Club, or BAYC, line, Yuga Labs, declined to comment.
The collection was first introduced in April 2021, three years ago, and at one point a number of celebrities promoted the NFTs.
Despite the long-term downturn in the NFT market as a whole—particularly for expensive, profile-picture tokens—BAYC is sometimes recognized as the industry’s greatest success story because of its active community and well-liked iterative collections.
According to CryptoSlam! data, BAYC has a history of being the top NFT collection in the collectibles market based on sales volume, having registered over $3 billion.
Famous people’s BAYCs, such as Justin Bieber and Kevin Hart, have since sold for a small portion of their original cost. According to NFT Price Floor, the current floor price is more than 90% less than BAYC’s all-time high floor price of 128 ether, which it reached in April 2022 and is currently roughly $375,000.
MoonPay, a cryptocurrency startup, made it possible for Hart to buy a BAYC in 2022. According to reports, the corporation gave BAYC NFTs to other celebrities in exchange for their endorsement of MoonPay. Celebrities on the list included Jimmy Fallon, Madonna, Bieber, and Hart.
However, MoonPay denied providing free NFTs to celebrities.
Late in 2022, a class action lawsuit was brought, claiming that celebrities had openly endorsed MoonPay and Bored Apes without disclosing their financial affiliations with the companies or whether they had been paid.
Yuga Labs co-founder Greg Solano took over as CEO in February, succeeding Daniel Alegre, a former Activision Blizzard executive. In the same month, Yuga Labs purchased Proof, a rival non-fungible token maker best known for its Moonbirds line.
Disclaimer : This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.
