The minimum price of the irreplaceable Bored Ape Yacht Club (BAYC) tokens has plummeted by over 90%, reaching 11.1 Ethereum (ETH) — the lowest level since August 2021.
According to NFT Price Floor, BAYC is currently approaching an NFT’s rock bottom price, dropping by 50% since March 1st.
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The BAYC collection developed by Yuga Labs, which was introduced in April 2021, has recently witnessed its floor price reaching levels comparable to those seen just four months after its initial launch. The decline in the NFT collection’s value from its peak of 128 Ether (ETH) on May 1st, 2022, reflects a broader downturn in the appeal of digital art NFTs across the industry.
BAYC NFTs Notable Sales Above Minimum Price
However, it’s worth noting that some Bored Ape Yacht Club (BAYC) NFTs continue to sell well above the minimum price, calculated by taking the NFT with the lowest price in the collection.
For instance, BAYC #830 was purchased for 504.3 Ether (around $1.92 million at the time) last month, while several other rare items have changed hands in recent days for upwards of 30 Ether.
BAYC is considered one of the priciest and most successful collections, launched roughly three years ago.
Based on CryptoSlam data, trading volume for the tokens surpassed $4.9 million over the past week alone. Since its inception, BAYC’s cumulative NFT sales have reached $3.1 billion.
Earlier, interchangeable token #9258 from the collection owned by American comedian Kevin Hart sold at a 76% discount from its initial value — for 13.65 ETH (~$47,000 at the time). Other celebrities who have purchased NFTs include Madonna, Justin Bieber, and TV host Jimmy Fallon.
In August 2023, BAYC #8585 was snapped up for a record-low 153 ETH (~$254,000). The asset lost 80% of its value in 11 months. Token #3953 fetched 200 ETH (~$372,000), significantly less than its peak figures.
Let’s rewind a bit: in February 2024, BAYC #1726 was purchased for 275 ETH (~$688,000). It belonged to an NFT-savvy going by the nickname Franklinisbored, a major player in the collection.
Can NFT Collections Make a Comeback?
Meanwhile, industry pundits continue to ponder whether digital art NFTs can stage a return.
In an interview, Shi Khai Wei, founder of LongHash Ventures, suggested that NFTs were never meant to exist as standalone projects, and the teams behind them should consider merging with other blockchain verticals to become more viable.
“It’s really tough to raise questions without a clear brand vision and actual products backing them,” explained Wei.
However, NFTs could also become a “superpower” for blockchain projects that are already integrating in-game economies and offering NFT ownership, Wei added.
“It’s much easier if you already have a very clear vision. Here’s the game, here’s the infrastructure, here’s the network, here’s the market, and then you have a core community of early adopters that will rally behind [it].”
Industry experts such as Shi Khai Wei emphasize the significance of integrating NFTs into larger blockchain networks and fostering strong community engagement. With clear goals, solid infrastructures, and creative strategies, NFT projects can not just endure but succeed in this developing market.
