Bored Ape Yacht Club NFT Floor Price Hits 3-Year Low
The famous NFT collection Bored Ape Yacht Club (BAYC) saw its floor price plummet to a record low not seen since August 2021.
Specifically, the floor price of the Bored Ape Yacht Club (BAYC) NFT collection dropped to as low as 10 ETH early on April 16. This marks a significant decline from its peak of 128 ETH in May 2022, representing a staggering 90% decrease in value.
BAYC, which debuted in April 2021, initially made waves across the market with endorsements from artists and celebrities. Despite frequent downturns in the NFT market, BAYC has remained among the most successful NFT collections, boasting a large and loyal fan community. Historically, BAYC has achieved a record $3 billion in sales volume, according to CryptoSlam.
However, during the crypto market downturn of 2022-2023, celebrities such as Kevin Hart and Justin Bieber sold their Bored Ape NFTs at relatively low prices compared to their initial purchase prices.
In late 2022, Yuga Labs faced a class-action lawsuit alleging that celebrities publicly promoted Bored Apes and MoonPay without disclosing financial benefits and advertising fees.
In February 2024, Yuga Labs appointed Greg Solano, a co-founder of the studio, to replace then-CEO Daniel Alegre, former CEO of Activision Blizzard. During the same month, Yuga Labs also acquired its competitor PROOF, the company behind the Moonbirds collection.
Recently, Yuga Labs announced plans to cease collaboration with NFT markets that do not support copyright for content creators. Moving forward, the leading NFT studio will only work with platforms that protect authorial rights. Yuga Labs intends to safeguard brands such as Otherside and NFT Moonbirds.
The cryptocurrency associated with Bored Ape Yacht Club, ApeCoin (APE), has also seen price fluctuations in line with the market, despite recent positive developments such as selecting Arbitrum as its Layer-2 development platform.
Graph showing the 1D chart of the APE/USDT pair on Binance at 01:10 PM on April 16, 2024.
