The floor price of Bored Ape Yacht Club (BAYC) nonfungible tokens has plummeted over 90% from its peak, reaching 11.1 Ether (ETH) — the lowest since August 2021.
BAYC is now edging towards a sub-10 NFT floor price after a 50% decline since March 1, according to NFT Price Floor data. This decline brings the NFT price floor back to its level four months after its April 2021 launch.
The fall in the NFT collection’s value mirrors a broader decline in popularity for digital art NFTs across the industry.
While the floor price has dropped significantly, some BAYC NFTs continue to fetch high prices. For instance, BAYC #830 sold for 504.3 Ether last month, demonstrating that rare items still command substantial value.
Similarly, the largest NFT collection, CryptoPunks, has also seen a decrease from its peak floor price of 113.9 Ether, albeit by a lesser margin of 64%.
Industry commentators like Shi Khai Wei suggest that digital art NFTs may need to integrate with other blockchain verticals to remain relevant. Wei emphasizes the importance of having a clear vision and infrastructure for NFT projects to succeed.
NFTs can be a significant asset for blockchain-based projects that already incorporate in-game economies and offer NFT ownership. Wei suggests that having a defined game, infrastructure, chain, and marketplace can attract early adopters and foster community growth.
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