YEREVAN (CoinChapter.com) – Amid the current crypto market meltdown, the nonfungible tokens (NFT) industry has taken a hit. As a result, the average price of the blue-chip NFT project Bored Ape Yacht Club (BAYC) has dropped immensely.
As of May 29, 2022’s close, the average price of a BAYC NFT was below $180,000, according to the nonfungible token tracking site NFT Stats. When the month began, the average price of an NFT from the project sold was $444,240.
In contrast, the average price of a BAYC NFT was nearly $496,000 at the beginning of April.
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Sales, Floor Price of Bored Ape Yacht Club tank
According to data from the Crypto Slam, sales of the coveted collection have dropped over 71% in the past seven days. Weekly stats also suggest that the number of active wallets holding an NFT from the collection fell by 40%. Moreover, there have been 37% fewer transfers than just a week ago.
While Bored Ape Yacht Club remains the highest sought-after collection, it has left many investors bruised. In the last 30 days, the percentage of Trade Losers jumped 147%.
Bored Ape Yacht Club’s floor price has also plunged to 86 ETH, or about $164,000, according to the current ETH/USD rate. On April 27, the cheapest BAYC NFT was available for 138 ETH or $390,000.
The project has lost nearly $240,000 in its floor price during the past month.
If the losses from the market crash were not enough, some holders are shooting themselves in the foot. Avid NFT collector and BAYC holder, who goes by nft_metaman, sold his Ape #3158 for just 10 ETH or less than $20,000. The sale resulted in a loss of 78 ETH or over $140,000 for him.
According to the former owner, he made a mistake and wanted to list it for 102 ETH.
“I was lowering the price on the ape from 130 to 105 – still think the warning was there but moved quickly… It’s definitely my fault,”
he wrote on his Twitter handle.While this unfortunate incident, many holders are selling their BAYC tokens for losses within months of acquiring them. If the crypto market does not regain losses soon, more people will dump their blue-chip NFTs to secure.
