The Bored Ape Yacht Club (BAYC) non-fungible tokens (NFTs) have seen a significant decline in price, now being priced below 30 Ethereum according to NFTPriceFloor.com. This marks a reversal from the peak of NFT mania, which saw high-profile sales like Beeple’s “Everydays: The First 5,000 Days” for $69.3 million. The current discussion surrounding NFTs has shifted to whether the hype is over and if NFTs are dead.
The BAYC NFT price floor is currently at 28.45 ETH, a significant drop from the start of the year when it hovered around 69 ETH, resulting in a year-to-date (YTD) performance of -63%. The collection reached its peak floor price of 128 ETH in May 2022, representing a 78% drawdown from its all-time high.
NFT sales as a whole have also seen a decline, with August recording a 31-month low of $221.2 million in sales according to CryptoSlam.io. The sector experienced its peak monthly sales of $6 billion in January 2022, but interest has since been trending downwards.
It remains unclear whether the decline in NFT prices signifies the bursting of the NFT bubble or if broader economic factors are at play. Nonetheless, it is evident that the priority and demand for NFTs have diminished during times of financial stress.
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