Floor Price for BAYC Drops by 90% in Just 2.5 Years

The Bored Ape Yacht Club (BAYC), previously a prominent collection in the Ethereum non-fungible token (NFT) market, has experienced a significant drop in its floor price. This decline represents a decrease of over 90% from its peak about two and a half years ago. BAYC is approaching a sub-10 NFT floor price, with a 50% decrease since March 1st.

BAYC Floor Price Plummets Below 11 ETH
According to data from NFT Price Floor, on Monday, April 15, the floor price of Bored Ape NFTs briefly dropped below 11 ETH, settling at 10.9 ETH, approximately $34,000. This sudden decline marks a 12.08% decrease in just one day. The last time BAYC saw such a low floor price was in early August 2021 when it reached 9.5 ETH. However, there has been a slight increase since then, with the floor price rising to 11.09 ETH.

This current level represents a plummet of over 90% from BAYC’s all-time high floor price of 128 ETH, around $395,000, achieved in April 2022.

In addition to the declining floor price, data from CryptoSlam shows a worrying trend in BAYC’s sales performance over the last 30 days. The ape-themed collectible has recorded total sales of $28,795,403, a decrease of 29% within the past month, ranking BAYC fifth in sales value.

On the other hand, data from CryptoSlam reveals that Bitcoin-based NFTs (the Bitcoin Ordinals) are outperforming Ethereum NFTs. During the same period, the Bitcoin Ordinals achieved a sales volume of $458.8 million, surpassing the $299 million achieved by Ethereum NFTs. Notably, the “Uncategorized Bitcoin Ordinals” currently lead the market in sales value.

BAYC’S History
Introduced in April 2021, the BAYC collection garnered significant celebrity endorsements. Despite the NFT market’s prolonged downturn, especially for high-value profile picture tokens, BAYC has consistently been a success story. It is known for its active community involvement and frequent releases of new collections. Throughout its history, BAYC has maintained its position as a top NFT collection, leading the market in sales volume with over $3 billion in recorded transactions, according to data from CryptoSlam.

Despite the significant decline, on-chain data shows that certain BAYC NFTs have been sold at prices higher than the current floor price. For example, BAYC #830 sold for 504.3 ETH, equivalent to $1.92 million at the time, just last month.

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