BAYC Floor Price Drops Below 50 ETH

Bored Ape Yacht Club NFTs Plummets!

The NFT market has been experiencing a downturn as the floor price of Bored Ape Yacht Club (BAYC) dropped below 50 ETH for the first time since December 2021.

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In the past week, not only BAYC, but also other blue-chip NFTs such as Wrapped CryptoPunks and Mutant Ape Yacht Club (MAYC) have decreased in value by over 10%.

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The drop in NFT prices has been attributed to various factors, including a decrease in demand, increased supply, and the impact of crypto market fluctuations.

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This drop is significant for a blue-chip NFT collection that was once valued at over 100 ETH per Ape.

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The total trading volume has also taken a hit, dropping to 1.14M, while the number of holders stands at 5,674.

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The market cap has also seen a decline, falling to 689.77K.

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This trend is causing concern among NFT investors who are now questioning the stability and longevity of these once highly coveted assets.

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