Bored Apes NFTs Hit a Yearly Record Low, Floor Price Drops Below $100K

For the first time in over a year, the unimpressed-looking apes can be acquired for a price below six figures.

With a market cap of $1.6 billion, Bored Ape Yacht Club is the trademark NFT project on Ethereum’s (ETH) network. The non-impressed-looking apes are a hit amongst celebrities such as Snoop Dogg and Seth Green, to name a few.

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Bored Apes NFTs made waves when The Sandbox purchased a Bored Ape NFT for a whopping $2.9 million. Nevertheless, it looks like prime time for the Bored Apes is over, or at least put on hold. The floor level of a Bored Ape NFT has plunged to under $100,000 for the first time since the summer of 2021. The entry level price now sits at 86.39 ETH, which is $95,508.40 at the moment of this writing. 24 hours ago, the floor price was just 80 ETH, but the most popular NFT project on Ethereum (ETH) blockchain regained 13.2% of its price. According to NFT Price Floor, the Bored Apes from the NFT collection were sold just 13 times, which is 50% less, showing the decreasing demand for NFTs.

Compared to two months ago, the floor price of a Bored Ape NFT has gone down by 78%. The record-high price was set at 152 ETH (that’s about $429,000) on April 29th. At that time, there was hype surrounding the new Otherside game, heavily endorsed by one of Yuga Labs‘ co-founders. Every Bored Ape NFT owner had the ability to acquire land on the forthcoming game soil as a bonus.

Ethereum NFTs Heavily Impacted by the Market Chaos

It’s logical to think that the most popular blockchain for NFTs will feel the consequences of extreme crypto market conditions. Indeed, Ethereum (ETH) is trading at $1,119.17, according to CoinGecko. That’s a massive deficit of 37.6% in the last 7 days. If Ethereum finds support around this level and starts building a bullish pattern, it is likely that the entry-level fee for a Bored Ape NFT will rise.

On the Flipside

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Author
Tadas Klimasevskis

Tadas Klimaševskis is a Lithuanian journalist at DailyCoin, specializing in covering the lighter side of the crypto industry such as memecoins and pop culture in the metaverse. He has experience as a music artist, English language teacher, and freelance writer, and uses his creative writing skills to summarize valuable information in his work. He is also a strong believer in the potential of blockchain and spends his free time listening to music, traveling, and watching basketball games.