April

Meta

<ul>
 <li>BAYC has fallen 50% since March 1 and is presently reaching a sub-10 NFT floor price.</li>
 <li>The NFT project, which was backed by Yuga Labs, began in April 2021.</li>
</ul>
At 11.1 Ether (<a href="http://ethereum.org" target="_blank" rel="noopener noreferrer nofollow">ETH</a>), the floor price of Bored Ape Yacht Club (<a href="https://thenewscrypto.com/why-did-this-bayc-holder-send-legal-notice-to-yuga-labs/" target="_blank" rel="noopener noreferrer nofollow">BAYC</a>) NFTs has dropped to its lowest position since August 2021, a precipitous decline of more than 90% from its high. NFT Price Floor reports that BAYC has fallen 50% since March 1 and is presently reaching a sub-10 NFT floor price.
The NFT project, which was backed by <a href="https://yuga.com/" target="_blank" rel="noopener noreferrer nofollow">Yuga Labs</a>, began in April 2021; so, the NFT price floor is now at the same level as it was four months post launch. With the industry-wide reduction in demand for art NFTs, the NFT collection has fallen from its high of 128 Ether (ETH) established on May 1, 2022.
<h3 class="wp-block-heading" id="h-viability-of-digital-art-nfts">Viability of Digital Art NFTs</h3>
On the other hand, it’s worth mentioning that certain BAYC NFTs have managed to sell for far more than their floor price. The floor price is determined by looking at the <a href="https://thenewscrypto.com/donald-trumps-first-edition-nft-collection-sees-99-trading-volume-drop/" target="_blank" rel="noopener noreferrer nofollow">NFT</a> with the lowest price in a specific collection.
Just last month, BAYC #830 fetched 504.3 Ether, which was equivalent to $1.92 million at the time. A number of other rare items have also recently fetched prices exceeding 30 Ether. Even CryptoPunks, the most valuable NFT collection by market capitalization, has seen a decline from its all-time high of 113.9 Ether, although a more modest 64%.
At the same time, observers in the field are still debating the viability of digital art NFTs. According to LongHash Ventures co-founder Shi Khai Wei, digital art NFTs were never intended to stand alone as projects, and their development teams should think about how to combine them with other blockchain-related sectors so they can be more valuable.
Highlighted Crypto News Today:
<a href="https://thenewscrypto.com/meta-unveils-enterprise-level-metaverse-quest-services-for-education-sector/" target="_blank" rel="noopener noreferrer nofollow">Meta Unveils Enterprise-Level Metaverse Quest Services for Education Sector</a>

BAYC NFTs Floor Price Hits Lowest Point Since August 2021

Table of Contents

TheNewsCrypto

Other articles published on Apr 16, 2024

Runes Protocol Set To Launch As Bitcoin Halving Nears – A Threat To BRC-20 Dominance?

Why is crypto down today? Bitcoin sheds 4.3% in 24 hour trading

Another Investigation Launched About Controversial Altcoin Worldcoin (WLD): Facing a Million Doll...

PayPal Adjusts Its NFT Transaction Policies

Bitcoin Bears Beware: $3 Billion Short Liquidation Looms At This Price Mark, Warns Analyst

Shiba Inu Community Burns 774M SHIB Despite Market Crash, What’s Next?

Join our free newsletter for daily crypto updates!