Bored Ape Yacht Club (BAYC) Non-Fungible Token (NFT) floor prices hit a new low on Monday, April 15, after reaching 11.1 ether (ETH), which is approximately $37,000, data from the NFT Price Floor showed.
This comes as a surprise for many BAYC holders who saw the digital collectible reach new highs of around 120 ETH even during the peak days of crypto winter in 2022.
Why is the BAYC NFT floor price down?
While BAYC has always remained Ethereum’s flagship NFT collection, others such as CryptoPunks, its sister project the Mutant Ape Yacht Club (MAYC), and others such as Art Blocks, Otherdeed from the Otherside Metaverse, Azuki, CloneX, Sorare, Moonbirds, Bored Ape Kennel Club (BAKC), Cool Cats, and Pudgy Penguins continue to fight for a share of Ethereum NFT sales volume.
CryptoSlam data shows that BAYC trails only Axie Infinity in the ranks of the biggest NFT collections by all-time sales volume, with approximately $3.1 billion from the activities of 19,673 buyers and 18,196 sellers involved in more than 40,000 transactions.
While these statistics mean the project developed by Yuga Labs has the lion’s share of the market, controlling around 7%, other chains are now in the digital arts space. Bitcoin was known for its single-layer blockchain status, which was used to facilitate transactions.
In 2023, Bitcoin became known as an NFT blockchain after introducing projects such as Ordinals, NodeMonkes, SATS BRC-20 NFTs, RATS BRC-20 NFTs, ORDI BRC-20 NFTs, and Bitcoin Frogs.
This took away a huge chunk of potential BAYC holders into Bitcoin NFTs, and this has contributed to Satoshi Nakamoto’s innovation currently holding a top 10 position in the all-time rankings of NFT blockchains with around $3.3 billion.
All these have played a crucial role in damaging the floor prices of the once-most sought-after project.
What’s next for Bored Ape YC NFTs?
While many analysts have blamed a lack of interest by many unsophisticated traders coupled with the dwindling down of the fear of missing out (FOMO), there has been an increase in the number of NFT projects in the market.
Gone were the days where every NFT enthusiast was interested in having a Bored Ape NFT in their wallet. Nowadays, its floor price (which is relatively higher) when compared to others can be used to buy collections from other projects with great potential that have a greater resale value.
Yuga Labs promoted a demo video that provided a glimpse into the Otherside Metaverse for a few select holders of the collectibles in March.
While the Otherside Metaverse is still in beta mode, this environment is part of the extension into the Web3 era, where video games will play a great role in facilitating the use of cryptocurrencies as the primary currency for buying and selling in-game items.
This will create more Otherdeed (NFTs) from the Otherside, impact BAYC positively, and lead to a potential rise in the price of the project’s novel token called ApeCoin (APE).
The Bored Ape Council has also announced a series of community events in Dubai, the United Arab Emirates (UAE), that would promote the collection in line with the rebound of the entire blockchain-backed economy.
Who’s going to be in Dubai this week?
Here are some community events to look out for 🍌👇 pic.twitter.com/w4RtVzNN1v
— BAYC Council 🍌 (@BaycCouncil) April 15, 2024
As of 09:00 UTC on April 16, ApeCoin was trading for $1.19, had a daily trading volume of at least $30 million in April, and commands a market capitalization of under $1 billion.
What is an NFT floor price?
An NFT floor price is the smallest amount of money a potential investor would have to fork out for an item from a particular digital collection like BAYC.