The Bored Ape Yacht Club (BAYC), a notable collection of non-fungible tokens (NFTs), has been facing a challenging period with a steady decrease in the value of its unique digital assets. This has led to discussions about the potential downfall of NFTs. The severity of the situation is reflected in the drop of the minimum price, or "floor price," and its impact on the value of APE Coin, the associated cryptocurrency.
On June 2, the floor price for the Bored Ape Yacht Club NFT collection experienced a significant drop, falling below 30 ETH, equivalent to about $58,700. OpenSea data showed that BAYC's floor price hit a low of 27.4 ETH, around $53,000, before seeing a slight recovery. The last time BAYC's floor price dipped below 30 ETH was in October 2021.
In the past week, OpenSea data showed a 19% decrease in volume and a 6% decline in sales for BAYC. At the same time, the floor price saw a 16% decrease. As of the time of writing, the floor price was approximately 31.5 ETH.
The Mutant Ape Yacht Club (MAYC) also saw a decline in its floor price over the past week, with a decrease of 23%. However, sales for MAYC increased by 35%, and the volume grew by 8% within the same timeframe.
The performance of ApeCoin (APE), given its importance within the Bored Ape Yacht Club (BAYC) and Mutant Ape Yacht Club (MAYC) ecosystems, is also noteworthy. A closer look at APE's daily timeframe chart revealed a prolonged downtrend. Despite a few value increases, the overall trend remained bearish. At the time of writing, APE was trading at approximately $2.2, experiencing a marginal decline of less than 1%.
There is a possibility that the ongoing downtrend in the floor price of Bored Ape Yacht Club (BAYC) could potentially reverse if the price of Ethereum (ETH) experiences an upswing. ETH and other cryptocurrencies have been enduring an extended bear market. However, a significant surge in the price of ETH would naturally contribute to an increase in value, potentially leading to a rebound.
The upcoming weeks will be crucial in determining whether BAYC has entered a prolonged decline or if the current situation is merely a temporary setback.
