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Ethereum ecosystem’s popular Blue-Chip NFT collection Bored Ape Yacht Club has seen its base price plummet over 90% from its peak, reaching an all-time low since August 2021 of 11.1 Ethereum. According to data from NFT Price Floor, BAYC, has approached a base price under 10 Ethereum after a 50% drop since March 1st.
NFT Market Downturn Persists
Yuga Labs backed popular NFT project was introduced to NFT enthusiasts in April 2021 and has recently seen a decline, bringing the collection’s base price back to levels seen in August 2021. The popular collection managed to attract attention with a record base price of 128 Ethereum on May 1, 2022. This decline is also due to decreasing interest in the NFT market.
During this period in the BAYC collection, NFT investors continue to pay significant amounts for rare pieces in the collection. Last month, BAYC #830 NFT was purchased by an investor for $1.92 million, equivalent to 504.3 Ethereum. Recently, another rare piece found a buyer for 30 Ethereum.
The largest NFT collection by market value, CryptoPunks, has also seen a decline in its base price. The collection’s record level of 113.9 Ethereum has fallen by 64%. During this period, many NFT experts continue to debate whether the market will regain interest.
Prominent Figure Comments on NFTs
LongHash Ventures‘ co-founder Shi Khai Wei argued that digital art NFTs were never intended to exist as standalone projects and that the teams behind them need to think about integrating with other sectors in the blockchain industry to become useful. Wei stated:
“It’s very hard to grow without a clear vision of the brand and the real products behind it.”
However, Wei, added that NFTs could also be a superpower for blockchain-based projects that integrate in-game economies and offer NFT ownership:
“If you already have a very clear vision, it’s much easier. Here’s the game, here’s an infrastructure, here’s a chain, here’s a market, and then get your core early adopters to adopt it.”
