Bored Ape Yacht Club, lowest price in 20 months ── NFT market cooling and Ethereum falling | CoinDesk JAPAN

The floor price of the popular NFT collection “Bored Ape Yacht Club (BAYC)” fell below 30 ETH (about $ 8,511,500, converted to 1 dollar 145 yen) on the 3rd, the lowest price since October 2021.

According to OpenSea, a major NFT marketplace, the average price of BAYC works has fallen. This is due to the general cooling of the NFT market and the decline in the price of Ethereum (ETH) due to the prolonged winter of crypto assets (virtual currency), which can be a factor in the price increase of many NFT collections. Other top NFT collections such as Moonbirds, Azuki and Doodles have also suffered in recent months.

Floor prices continue to decline

BAYC’s floor price rebounded slightly after falling to 27.4 ETH ($76,000) overnight, according to market data aggregator CoinGecko. The last time the BAYC floor price fell below 30 ETH was in October 2021, just before the floor price surged to new highs during the NFT boom. BAYC’s floor price reached 153.7 ETH in April 2022 (approximately 53.75 million yen at the rate at that time, converted to 125 yen to the dollar).

The floor price was trending at 64 ETH (about 18.27 million yen) at the beginning of April this year, but it has fallen by half since then. According to OpenSea, at the time of writing this article, it has rebounded slightly to 29.5 ETH (about 8,381,000 yen).

The floor price is the lowest price offered by the seller for the NFTs in the collection and is an indicator of the popularity of the NFT project. It may be slightly different depending on the platform.

BAYC trading volume has fallen 38% in the past 24 hours, according to OpenSea. BAYC currently has a trading volume of 1.2 million ETH, making it the largest NFT collection in terms of sales, according to data from data platform CryptoSlam.

A series of large-scale sales

BAYC’s floor price began to fall in April, hitting a 5-month low of 55.6 ETH (approximately 15.95 million yen). The sale of 27 BAYC works by anonymous NFT collector Franklin added to the bearish sentiment.

Last month, NFT trader Jeffrey Huang, better known as Machi Big Brother, sold 50 pieces of BAYC pieces, further lowering floor prices for the collection. Among them was a set of 19 BAYC works that sold for nearly 651 ETH on marketplace Blur.

｜Translation: CoinDeskJAPAN
｜Editing: Rinan Hayashi
| Image: CoinDesk
｜Original: Bored Ape Yacht Club NFT Floor Price Sinks to 20-Month Low