The Ethereum-based NFT space, once teeming with excitement, has hit turbulent waters, and at the forefront of this downturn is the beloved Bored Ape Yacht Club. BAYC's value has taken an extraordinary 90% hit from its zenith, reflecting market volatility. .
Since its inception in April 2021, the Bored Ape Yacht Club now finds itself at a valuation low not seen since August of the same year, briefly dipping under 11 ETH before stabilizing near 11.12 ETH.
TLDR
- The floor price for the Bored Ape Yacht Club's NFTs has dropped more than 90% from its highest, hitting its lowest level since August 2021.
- This tumble in BAYC's worth echoes a shrinking interest in Ethereum-linked NFT groups at large.
- Despite this downtrend, a few unique BAYC NFTs have continued to fetch prices well above the established floor.
- NFTs based on Bitcoin, specifically the Bitcoin Ordinals, have stolen the spotlight from Ethereum NFTs by leading in sales figures for the past month.
- Even in a declining market, some top-tier NFTs like CryptoPunks stand resilient, notably with two rare alien Punks fetching price tags over $16 million each in March 2023.
BAYC's dwindling value isn't an isolated event; it encapsulates a larger devaluation pattern in the Ethereum NFT marketplace. Recent analysis by CryptoSlam shows a noteworthy slump in BAYC's trade figures over the last month, totaling $28,933,804 in sales—a sharp 28.23% fall from prior numbers.
Bitcoin's NFT counterparts, known as Bitcoin Ordinals, have been gaining ground. They've amassed $457.98 million in sales over the past month, far surpassing Ethereum NFTs' $299 million. The market's edge is led by a group of currently unclassified yet lucrative Bitcoin Ordinals.
Yet, amidst a dip in Ethereum NFT enthusiasm, certain collections defy the odds. CryptoPunks, for instance, recorded remarkable sales of ultra-rare alien Punks in March 2023, including CryptoPunk #3100 and #7804, the first since early 2022, sparking optimism for Ethereum NFTs.
CryptoPunk #7804's acquirer, Artudito, remarked that this digital piece could rival the legendary Mona Lisa in cultural significance, underscoring the steadfast belief in NFTs as revolutionary digital art. shared their vision for the purchase Oliver Dale is the Editor-in-Chief at Blockonomi and the visionary behind UK-based Kooc Media, believing vehemently in Open-Source progress, Blockchain's potential, and universal internet freedom.
