The Bored Ape Yacht Club has been one of the most prominent projects in the NFT space. Attracting celebrities and generating seven-figure sales. This is largely due to their high profile as an NFT project. That was widely accepted by buyers during last year’s NFT boom.However, they have recently felt some effects from the crypto market volatility which caused prices drop significantly across all assets.
The Bored Ape NFT is currently listed on a secondary marketplace and its price sits at 80 ETH, equal to just $96K! Overnight, the price fell to $91,741.
The price of entry-level Bored Ape NFTs has fallen dramatically in less than two months, dropping to nearly 78%.
On April 29, the day before project creator Yuga Labs launched. Their NFT virtual land sale for Otherside. The floor price hit a record-high price of over 152 ETH or $429,000 USD.
The Bored Ape Yacht Club has seen a 47% decrease in ETH since then.
As the price of Ethereum has declined, many NFT collections have also experienced a drop in their valuations.
The Bored Ape Yacht Club has seen a sub-$100,000 floor price for NFTs only once in August 2021.
The value of NFTs continues to drop, with many collections losing large amounts in just one month. For example, Bored Ape Yacht Club is now worth 54% less than it was earlier this year and CryptoPunks has declined 48%.
Though the NFT market saw incredible demand in 2021, generating a trading volume worth $25 billion and nearly $16 million in the first four months this year. On May 1, OpnSea hit a record $476 million in a single day.
The crypto market experienced a significant decline in early May, but it did not leave a similar impact on daily trading volume.
The crypto market saw Bitcoin and Ethereum reach lows last seen in 2020. As a result, NFT trading climbed with buyers seeking bargains amid the economic depression.
The Bored Ape Yacht Club is not immune to the occasional market challenges that plague many businesses. The declining price points and slow trading volume are but two examples of this fact.
The researchers at Cryptoslam found that the original collection yielded $96 million in trading volume over 30 days, down by almost 72% since the previous 30-day window.