Ethereum NFT Market Update: Bored Ape Yacht Club Floor Price Hits New Low
The Bored Ape Yacht Club (BAYC) has been a prominent collection in the Ethereum non-fungible token (NFT) market, but recent data shows a significant decline in its floor price. The floor price of BAYC dropped to a new low of 10.89 ETH, marking a 12.08% decrease in just one day and a 90% drop from its peak.
Despite this dip, there has been a slight rebound with the floor price recovering to 11.12 ETH. However, compared to other Ethereum-based collections, BAYC’s floor price is still relatively low at 11.99 ETH, approximately $36,893.
The decline in BAYC’s valuation is reflective of a broader downturn in the Ethereum NFT sector, with CryptoSlam data showing a decrease in sales performance over the last 30 days. In contrast, Bitcoin-based NFTs, particularly the Bitcoin Ordinals, have been dominating the market with a sales volume of $457.98 million, surpassing Ethereum NFTs’ $299 million.
Despite the overall decline in Ethereum NFTs, there are still notable purchases being made in the market. Last month, two rare CryptoPunks of extraterrestrial origin were sold for over $16 million each, injecting some life into the lagging Ethereum NFT market.
Speculation surrounding the buyers’ identities added intrigue to the sales, with Artudito, a prominent collector, revealing their purchase of CryptoPunk #7804. Artudito shared their vision for the acquisition, emphasizing the significance of the artwork in the digital art world.
The fluctuating nature of the NFT market, particularly within Ethereum-based collections, highlights the importance of staying informed and making decisions based on verified information. Investors are advised to conduct their own research and seek professional advice before making any decisions based on NFT investments.
