Bored Ape Floor Price Plummets: Price Hits Lowest Point Since 2021

Crypto News – Bored Ape Yacht Club (BAYC) NFTs are trading for 11.1 Ether (ETH), the lowest price since August 2021, after plunging more than 90% from their peak.

Bored Ape Floor Price Plummets: Price Hits Lowest Point Since 2021

NFT Price Floor reports that following a 50% decline since March 1 alone, BAYC is now getting close to a sub-10 NFT floor price. There has been a general reduction in the industry’s acceptance of digital art NFTs, which is shown in the NFT collection’s decline from its peak of 128 Ether (ETH) on May 1, 2022.

It should be mentioned that a small number of BAYC NFTs, which are determined by taking the NFT with the lowest price in a certain collection, have continued to trade for a large amount more than their floor price. As an illustration, BAYC #830 sold for 504.3 Ether ($1.92 million) last month, while several other uncommon items have recently sold for more than 30 Ether.

It is Not Known Whether NFTs Will Regain the Spotlight

Industry observers are still wondering if digital art NFTs can recover in the interim. Digital art NFTs, according to LongHash Ventures founder Shi Khai Wei, were never intended to be stand-alone initiatives; instead, the teams behind them ought to think about combining them with other blockchain-related verticals in order to make them more valuable.

It is very hard to raise things without a clear vision of the brand and actual products behind it,

Wei