The Bored Ape Yacht Club (BAYC) NFT floor price reached its lowest level in over two and a half years, falling to 11.1 Ether (ETH).
90% drop since peak and price approaching bottom below 10 ETH
The fall in BAYC’s floor price has been over 90% since its peak of 128 ETH on May 1, 2022. BAYC is now approaching a floor price below 10 ETH after a 50% fall since March 1, 2024.
Decline in popularity of digital art NFTs
This drop in BAYC’s floor price is part and parcel of a general decline in popularity for digital art NFTs. Some attribute this decline to a saturation of the NFT market, while others point to a possible revaluation of investments in digital assets.
NFTs can be a superpower for blockchain projects
Some observers believe that the integration of digital art NFTs with broader blockchain applications, such as decentralized finance (DeFi) or online gaming, could revive interest in these digital assets. However, others point out that market volatility and changing demand trends could make it difficult to predict the future of digital art NFTs.
Conclusion
The minimum price for Bored Ape Yacht Club NFTs has fallen to its lowest level in over two and a half years, settling at 11.1 Ether (ETH). This drop is part of a general trend of disinterest in digital art NFTs. Some industry observers suggest that art NFTs could rebound if the teams responsible integrate them with other areas of blockchain to create more practical use cases.
