• The Bored Ape Yacht Club (BAYC) non-fungible tokens (NFTs) are now priced below 30 Ethereum, per data from NFTPriceFloor.com
• NFT sales for all markets tank, sparking debate around the cause of waning NFT interest
• BAYC hit a peak floor price of 128 ETH in May 2022 and has since experienced a 78% drawdown from its all-time high price

Bored Ape Yacht Club NFTs Sink In Price

The Bored Ape Yacht Club (BAYC) non-fungible tokens (NFTs) are now priced below 30 Ethereum, per data from NFTPriceFloor.com. This marks a significant reversal from peak NFT mania, as embodied by the $69.3 million sale of Beeple’s “Everydays: The First 5,000 Days” in March 2021. During the mania phase, NFTs were thrust into the mainstream and sparked discussion around their prices.

BAYC Price Floor Below 30 ETH

At the start of this year, BAYC was hovering at around 69 ETH but has since experienced a 63% decline to 28.45 ETH at the time of writing. Zooming out shows that it hit a peak floor price of 128 ETH in May 2022 – equating to a 78% drawdown from its all-time high price. Twitter personality DonAlt commented that BAYC’s price decline was “wild to watch” and asked his followers whether they think recovery is on the cards.

Yuga Labs Release BAYC On Ethereum Blockchain

Yuga Labs released BAYC on the Ethereum blockchain in April 2021 with 10,000 unique digital collectibles featuring cartoon-like apes that vary according to qualities such as clothes, eyes, and background. The collection was further popularized by celebrity purchasers including Neymar Jr., Steph Curry, and Justin Bieber who joined the bandwagon but this hasn’t seemed to be enough to halt waning NFT sales.

Data Showing 31 Month Low For NFT Sales

Data from CryptoSlam.io shows NFT sales have sunk to $221.2 million in August – marking a 31-month low for the sector and sparking debate around why interest is waning so drastically for what was once considered an exciting new asset class with mainstream acceptance potential . Commenters suggest fragility within the broader economic landscape may be responsible for some of this decline .

Conclusion

Whether or not interest will recover remains unclear however one thing is certain; after reaching dizzying heights back in early 2021 it seems that enthusiasm for new forms of digital art like these appears to have cooled off significantly over recent months .