Bored Ape Yacht Club NFT Prices Fumble Amid Market Chaos

Bored Ape Yacht Club NFT Prices Fumble Amid Market Chaos
  • The floor price for a Bored Ape Yacht Club NFT is 57.5 ETH. 24% less over last day.
  • BAYC had a high of approximately $429,000 (152 ETH) on April 29 this year.

In light of the recent reports about FTX’s liquidity crisis and allegations of manipulation of client cash, cryptocurrency prices have fallen this week, and the market volatility may have even spread to the NFT industry. Moreover, in light of the recent decline in the price of Ethereum, investors may be selling their precious NFTs, including those associated with the popular Ethereum project Bored Ape Yacht Club.

NFT Price Floor reports that the “floor price” for a Bored Ape Yacht Club NFT is 57.5 ETH, or around $76,400. That’s a loss of 7% in ETH terms over the last day. Furthermore, the price of ETH has dropped 13% this week, which translates to a loss of almost 24% over the last day when measured in US dollars.

Widespread Depression

Since its high of approximately $429,000 (152 ETH) on April 29 this year. Just before the debut of virtual land NFT deeds for developer Yuga Labs’ Otherside metaverse game, the floor price of a Bored Ape has dropped, as measured in current US dollars. This is a drastic decrease of 82%.

Moreover, the Apes’ floor price is now below that of CryptoPunks, another highly sought-after collection of Ethereum NFTs, which they were previously able to match.

This week’s low Bored Ape pricing might be the result of a variety of different things. One is the widespread depression in the crypto market due to the FTX crash, which may be causing some investors to unload their “blue chip” NFT holdings at a loss.

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A trader himself, Rossi has 7 years of experience trading in the forex market and the passion for writing has brought him to Newscrypto. He is the perfect combination of market knowledge and writing skills, making him one of the most sought-after writers on cryptocurrency.