Bored Ape Yacht Club (BAYC) is the crème de la crème of non-fungible tokens (NFTs), but how is the collection doing these days?
And now who has yet to hear of the Bored Ape Yacht Club collection?
Even if you are not a fan of non-fungible tokens (NFTs) and have yet to learn what they are all about, there’s a great chance that you have seen images such as the one below, which is available for over $80 thousand at the time of writing.
Bored Ape Yacht Club NFT for Sale. Source: Bored Ape Yacht Club OpenSea page
And that is hardly a surprise. Big names like Madonna and Eminem, who gave a Bored Ape Performance at VMA alongside Snoop Dogg last summer, own the bored apes, paying stupendous prices to own the trendy piece of art.
Yet, despite the Bored Ape’s popularity, not everything is rosy in the NFT kingdom, with the collection’s floor price slumping by 64% over the past year.
The data from OpenSea further demonstrates that over the past 90 days, the price has likewise been decreasing by 35%, with the floor price hitting 45.8 ETH. In addition, key indicators like volume and sales are again down.
A host of factors have likely affected this downward spiral. Chief among them is that the overall NFT craze has dwindled over time. They were the new black in 2021, the year the Bored Ape Yacht Club collection was launched.
Now their popularity is fluctuating, though it is still tangible.
Then there’s the fact that the co-founder of Yuga Labs, Wylie Aronow, shared in February 2023 that he would leave the project due to health issues.
In his open letter, where he broke the news, he also touched upon the accusations of racist and Nazi imagery embedded within the Bored Ape Yacht Club NFT project. These allegations, which sparked major concern, have reportedly turned out to be lies.
In the meantime, the price of the ApeCoin, the official token of the Bored Ape Yacht Club, is also going through a rollercoaster. According to Coinmarketcap, the coin’s value went down over the past year from $7.2 to $3.2.
ApeCoin price dynamics. Source: Coinmarketcap
Still, despite these fluctuations, many Bored Ape Yacht Club NFTs are up for sale. And the prices are nothing short of crazy. For example, #5058 is available for 1,500 ETH ($2,855,925 at press-time).
Bored Ape Yacht Club NFT for sale. Source: Bored Ape Yacht Club OpenSea Page
To find out more about BAYC and ApeCoin DAO, read this article.
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