Yuga Labs’ Bored Ape Yacht Club (BAYC) NFT collection, which quickly gained popularity after its launch, experienced a slump as its base price hit a 20-month low of 27.4 ETH within the day.
Is the NFT Frenzy Ending?
The adoption of blockchain technology and cryptocurrencies by larger audiences over the years has resulted in the emergence of many new ecosystems within the crypto industry. NFTs reached significant popularity, particularly in 2021. During this time, the base prices of some popular NFTs hit exceedingly high levels, and a large number of new collections were introduced in the NFT ecosystem.
However, despite NFTs turning into a huge craze in a short time, the bottom prices and trading volumes of NFT collections recorded significant declines as the crypto market entered a strong downtrend towards the end of 2021. Particularly, many collections that had gained popularity due to the NFT craze, and lacked artistic attributes or use cases, saw their base prices plummet drastically in a short span.
BAYC Collection’s Base Price Drops Below 30 ETH
With cryptocurrencies entering a downtrend again at the end of 2021, NFTs have been significantly impacted by the decline in the crypto market. Collections’ base prices have seen major drops. However, the Bored Ape Yacht Club (BAYC) collection continued to lose value steadily since May 2022, independent of the leading cryptocurrency BTC and the direction of the crypto market, and its base price entered a strong downtrend.
According to CoinGecko data, the base price of BAYC, which has been in a downtrend since May 2022, dropped to the lowest level recorded in the last 20 months, 27.4 ETH, in the morning hours of the day. The current value of BAYC’s base price during the writing of this period is 29.4 ETH.
