- The value of Bored Ape Yacht Club (BAYC) NFTs, which have been purchased by celebrities such as Justin Bieber, Madonna, and Stephen Curry, has dropped to its lowest level in two years.
- Other NFT series, including Mutant Ape Yacht Club and Azuki NFTs, have also experienced significant price drops.
- Despite the overall decline, some NFTs, such as DeGods, Doodles, and Milady Maker, have shown more resilience, with their lowest prices only dropping by 20%.
The Downturn of the NFT Market
The Bored Ape Yacht Club (BAYC) NFTs, which have been bought by globally recognized figures such as Justin Bieber, Madonna, and Stephen Curry for hundreds of thousands of dollars, have seen their value plummet to their lowest level in two years. As of Sunday night, the lowest price for a BAYC NFT was approximately 27 ETH (52,000 dollars). Even though the price slightly increased to 28.5 ETH later, this increase is insignificant when compared to the all-time high (ATH) levels. Since the peak in April 2022, there has been an 88% decrease in value when looking at the dollar parity.
Other NFT Series Also Hit Hard
It’s not just BAYC that’s feeling the burn. The Mutant Ape Yacht Club, another NFT series created by Yuga Labs, has also seen a significant drop in value. The “floor price” for these NFTs fell to 4.7 ETH on Sunday night, marking the lowest level in dollar parity since the project was launched in 2021.
Another project that has been hit by the NFT downturn is the much-anticipated Azuki NFTs. However, the “Azuki Elementals” have been a major disappointment for followers of the project. The fact that the subsequent works were almost identical to the previous ones has seriously upset investors and followers. The floor price for these NFTs fell by 59% last week, dropping to 6 ETH.
Some NFTs Show Resilience
Despite the overall downturn, some NFTs have shown a degree of resilience. DeGods, Doodles, and Milady Maker NFTs were slightly more resistant, with their lowest prices only dropping by 20%. However, the drop in floor prices was also observed in other series. Moonbird, Meebit, and Nakamigo NFTs lost 35% of their value in ETH terms over the last 30 days.
