Bored Ape Yacht Club (BAYC) has experienced a significant decline, with its NFT floor price dropping by 50% since March 1. Currently, it is approaching a sub-10 NFT floor price. The project, which received support from Yuga Labs, was launched in April 2021. Now, the floor price of BAYC NFTs stands at 11.1 Ether (ETH), the lowest it has been since August 2021. This marks a drastic decrease of over 90% from its previous high. NFT Price Floor reports that the decline in value has been continuous, and BAYC is now struggling to maintain its value.
The decline in demand for art NFTs across the industry has contributed to the fall of BAYC. The collection had reached its peak on May 1, 2022, with a value of 128 Ether (ETH). However, it has since experienced a downward trend, resulting in the current floor price.
Despite the overall decline, it is important to note that certain BAYC NFTs have managed to sell for significantly higher prices than the floor price. For instance, BAYC #830 was sold for 504.3 Ether, equivalent to $1.92 million at the time. Additionally, several other rare items have recently fetched prices surpassing 30 Ether. Even CryptoPunks, which holds the title of the most valuable NFT collection in terms of market capitalization, has experienced a decline from its all-time high of 113.9 Ether, although a more modest 64%.
Meanwhile, experts in the field are engaged in ongoing discussions about the viability of digital art NFTs. Shi Khai Wei, co-founder of LongHash Ventures, suggests that digital art NFTs were not meant to be standalone projects. Instead, development teams should explore ways to integrate them with other blockchain-related sectors to enhance their value.
In other news, Meta has unveiled its enterprise-level Metaverse Quest Services specifically designed for the education sector. This development aims to provide innovative solutions and opportunities for educational institutions to leverage the power of the metaverse.