NFT Market Crash Snares BAYC Collection

Updated: 04 July 2023

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The NFT market crash included among its victims the Bored Ape Yacht Club (BAYC), says Reflexivity Research co-founder Will Clemente.

The Ape-themed NFTs, created by Yuga Labs, have slumped 90% from an all-time high, said Clemente in a tweet. Floor prices plummeted 23%. The nonfungible token (NFT) market has experienced a significant decline, with even the largest collections suffering heavy discounts.

The Bored Ape Yacht Club NFT collection is now down over 90% from its $600K high pic.twitter.com/TZVuXFl9UZ

— Will Clemente (@WClementeIII) July 2, 2023

At present, the floor price for the BAYC collection on the NFT marketplace OpenSea is below 30 ETH, equivalent to approximately $58,440. This marks the lowest price observed in over a year. Despite the price slump, BAYC remains one of the most actively traded collections. CryptoSlam reports that BAYC leads the way in 30-day trade volume, racking up an impressive $48.8 million in sales.

#PeckShieldAlert #Phishing #NFT 2 #BoredApeYachtClub #8177 #2330 were stolen by #Fake_Phishing182232 and have been sold for 70.44 $ETH (~$135.4K)https://t.co/sNGjfDMJfh pic.twitter.com/Q7SHMjLBaO

— PeckShieldAlert (@PeckShieldAlert) July 1, 2023

A recent incident involving a cyber-thief, known as “Fake_Phishing182232,” added to the woes of BAYC. The thief managed to steal two Apes, valued at around 70 ETH, and swiftly sold them off. Peckshield, a blockchain security company, alerted users about the theft of BAYC #8177 and #2330 on July 1.

BAYC is not the only NFT collection experiencing a decline in floor prices. The Azuki collection has also witnessed a significant drop, with a 63.6% decline from 15.4 ETH to the current floor price of 5.6 ETH over the past week.

The project is currently entangled in an internal battle between its DAO and the founder known as “Zagabond.” Additionally, CoinGecko reports that several prominent NFT collections, including Mutant Ape Yacht Club, DeGods, and Elemental, have experienced 15-20% declines in floor prices within the past 24 hours.

Crypto Holds Strong Despite NFT Market Slump

While the NFT market is experiencing a downturn, the cryptocurrency markets remains resilient. The total market capitalization has increased by 1.1% to reach $1.25 trillion, thanks to the sustained gains made by Bitcoin (BTC) and Ethereum (ETH) throughout June.

Bitcoin has maintained a consolidation phase, and the market’s momentum is currently driven by top altcoins such as Litecoin, Polkadot, Bitcoin Cash, and Avalanche. This anticipated shift in the market has allowed cryptocurrencies to maintain their buoyancy despite the challenges faced by the NFT sector.

The once high-flying BAYC collection hit a record low with the floor price falling below 30 ETH, a level not seen since October 2021. Other prominent NFT collections, including MoonBirds, Azuki, and Doodles, have also suffered price declines in recent months amid a broad market decline.

Analyzing CoinGecko data, the floor price for BAYC dropped to 27.4 ETH, equivalent to around $53,000, before experiencing a minor recovery. It marked the first time since October 2021 that BAYC’s floor price has dipped below 30 ETH.

In April 2022, BAYC reached its peak with a floor price of 153.7 ETH, approximately $430,000. The current floor price stands at 64 ETH or $126,000.

Despite the decline, BAYC maintains a significant trading volume of 1.2 million ETH ($2.4 billion), solidifying its position as the largest NFT collection by sales volume. The recent floor price downturn began in April, hitting a five-month low of 55.6 ETH ($110,000), amplified by prominent collector Franklin selling 27 Apes.

BAYC became a household name in the year 2021 and early 2022 and was widely seen as a ”blue chip” NFT collection.

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