- The price of the BAYC collection has dropped by 54% in recent weeks, going from $420,000 US dollars to $193,000 dollars.
- BAYC sales volume is down at least 93% from its all-time high.
- The fall in value of Ethereum has affected the NFT market. Most of DeFi and NFT are located on the Ethereum blockchain, these ecosystems have also been affected.
The bearish cycle that the cryptocurrency market has experienced has also hurt collections of non-fungible tokens (NFTs) since their prices are tied directly to the price of a cryptocurrency. This has been precisely the case of the prices of the collection of Bored Ape Yacht Club (BAYC).
According to Coingeckoon May 1, 2022, the Floor Price, or the minimum price, of BAYC reached its historical maximum of 153.7 ETH, which, at the time, was equivalent to $420 thousand US dollars.
However, on May 10 the minimum price of the BAYC collection presented a drop of 54%, falling to around $193 thousand dollars. Currently its value is around $189 thousand dollars.
But, is the reduction in the floor price exclusively due to the decrease in value of Ethereum (ETH)?
The entire market is in a recession
Those who have already been in the crypto market for a year or more will know that cryptocurrencies often go through fairly marked up and down cycles. However, it is an entire ecosystem that is currently experiencing the market downturn.
Bitcoin (BTC) is currently priced below US$30,000 and Ethereum (ETH) below US$1,950. Both cryptocurrencies are quite far from their all-time highs and Considering that most of DeFi and NFT are on the Ethereum blockchain, these ecosystems have also been affected.
Lower demand coupled with general market conditions
However, particularly in BAYCthe fall in the BAYC Floor Price has also been supported by a drop in sales volume in recent weeks.
Specifically, the sales volume of the BAYCs has diminished at least 93% from its all-time high. The reason? Both the general condition of the crypto market and the problems they experienced in one of their auctions.
In other words, not only has the value in US dollars of the BAYC decreased as a result of the fall in the price of Ethereum, but also, andThe floor price in ETH has also decreased to around 99 ETH. In the case of Open Sea specifically, the BAYC floor price is 97.75 ETH with a trading volume of 78,954 ETH.
In this way, the BAYC collection has experienced a decrease in demand and, taking into account that the supply is fixed, this has reduced the minimum price per NFT.
Likewise, ApeCoin, the Yuga Labs token, has seen its price decrease by approximately 69% since its all-time high.
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