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<p class="is-style-lead">During the weekend, the NFT market witnessed a sharp decline in the floor prices of Yuga Labs’ Bored Ape Yacht Club and Mutant Ape Yacht Club collections, mirroring the ongoing crash in NFT floor prices. </p> 
<p>The floor price for Bored Ape Yacht Club dropped from 38 <a href="https://crypto.news/price/ethereum/">ether</a> ($73,000) on Juse 30 to below 28 ether ($53,500) on July 2 as reported by OpenSea data.</p> 
<h2 class="wp-block-heading" id="an-ongoing-downward-trend">An ongoing downward trend</h2> 
<p>In a July 2 tweet, Will Clemente, the co-founder of Reflexivity Research, a digital asset research firm, highlights that the decrease in floor price is actually part of a 90% decline in the collection.</p> 
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   <p lang="en" dir="ltr">The Bored Ape Yacht Club NFT collection is now down over 90% from its $600K high <a href="https://t.co/TZVuXFl9UZ" target="_blank">pic.twitter.com/TZVuXFl9UZ</a></p>— Will Clemente (@WClementeIII) <a href="https://twitter.com/WClementeIII/status/1675607114557931522?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">July 2, 2023</a>
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<p>This decline occurred shortly after the creators of the well-known Azuki NFTs launched a new collection that faced criticism for its striking resemblance to their previous collection. As a result, the Bored Ape NFTs witnessed a floor price drop of approximately 60% over the past week.</p> 
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 <div class="wp-block-embed__wrapper"> <iframe title="Why No One Cares About NFTs Anymore" width="1020" height="574" src="https://www.youtube.com/embed/4S0HcnNen4g?feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" allowfullscreen></iframe> 
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<p>According to data from <a href="https://www.cryptoslam.io/" target="_blank" rel="noreferrer noopener">cryptoslam.io</a>, the month of June witnessed a decline in the sales of non-fungible tokens (NFTs) compared to May. The latest figures indicate a drop from $739.50 million in May to $707.70 million in June. Ethereum-based NFT sales accounted for $452 million of the total sales during June.</p> 
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   <p lang="en" dir="ltr">Justin Bieber purchased this Bored Ape NFT in January 2022 for $1.31 million. <br><br>Today, it's worth $59,090. <a href="https://t.co/nKKDzH3UvP" target="_blank">pic.twitter.com/nKKDzH3UvP</a></p>— Watcher.Guru (@WatcherGuru) <a href="https://twitter.com/WatcherGuru/status/1675896054514941952?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">July 3, 2023</a>
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<p>Even celebrities weren’t left untouched by the market decline. Justin Bieber’s Bored Ape Yacht Club NFT also plummeted in value. The renowned singer initially made headlines when he acquired a Bored Ape Yacht Club (BAYC) NFT for a staggering $1.3 million in January 2022. </p> 
<p>However, as of today, the once highly valued NFT is worth a mere $59,090, representing a substantial depreciation in its value. That being said, the NFT was already sitting at $74,382 in November.</p> 
<h2 class="wp-block-heading" id="is-blur-to-blame">Is Blur to blame?</h2> 
<p>Other traders suggest that the significant drop in the floor prices of NFTs can be attributed to the impact of leading NFT marketplace Blur on trading and lending activities.&nbsp;</p> 
<p> You might also like: <a href="https://crypto.news/bitcoin-exchange-inflows-and-supply-see-unprecedented-decline/"> Bitcoin exchange inflows and supply see unprecedented decline </a> </p> 
<p>Analysis from crypto analytics firm Nansen reveals a substantial decline in NFT trading volume over the past two months, which some attribute to the influence of Blur. </p> 
<p>The adverse effects of Blur on trading volumes and prices became evident in late April, approximately two months after the initial allocation of Blur tokens through an airdrop, which enabled the marketplace to surpass OpenSea.</p> 
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   <p lang="en" dir="ltr">Imagine walking into a watch store and seeing 10 dudes repeatedly chuck all the Rolexes back and forth at each other<br><br>That's what it feels like logging onto Blur and seeing how farmers are treating these "Luxury digital assets"<br><br>No real new buyers are gonna want this crap</p>— Cirrus (@CirrusNFT) <a href="https://twitter.com/CirrusNFT/status/1669761170008600578?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">June 16, 2023</a>
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<p>With many developments in the background, it is hard to say if the NFT market recovery some predicted in January can still be expected in the near future.</p> 
<p> Read more: <a href="https://crypto.news/filecoin-tops-coinmarketcap-gainers-with-18-pump/"> Filecoin tops CoinMarketCap gainers with 18% pump </a> </p>

Bored Ape Yacht Club NFT collection plummets over 90% from $600k peak

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