BAYC NFT Returns To The Lowest Price In The Last 2 Years
The floor price of the Bored Ape Yacht Club (BAYC) collection has dropped to a 16-month low of 44.5 Ether (ETH). In an unexpected turn of events, the floor prices of numerous blue-chip NFTs fell below their value for the first time in over a year. For the first time since November 2021, the floor price of BAYC has gone below 50 ETH, raising worries among NFT investors. The decrease has raised concerns about the market’s long-term viability for a collection whose floor price peaked at more than 144 ETH. According to NFT Price Floor, the BAYC floor price on April 22 was 44.5 ETH and is presently trading at 49.4 ETH. Trading volume across marketplaces has also decreased significantly, and despite Blur and Opensea keeping the NFT industry alive, the total weekly trading volume has been less than $300 million. The biggest reason for falling floor pricing is undoubtedly diminishing demand, as dealers’ weekly presence has decreased to November 2021 lows. Not only BAYC but also Wrapped CryptoPunks and Mutant Ape Yacht Club (MAYC) have lost more than 10% of their value in the last week. NFT prices have fallen due to a variety of causes, including decreased demand, greater supply, and the influence of crypto market swings.
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