Bored Ape Yacht Club Ethereum floor price drops to 2022 low

LAGOS (CoinChapter.com) — The Ethereum floor price of the Bored Ape Yacht Club (BAYC) non-fungible token (NFT) collection has dropped to its lowest level this year amid the downtrend witnessed across the cryptocurrency space.

Data from analytics platform NFTPriceFloor revealed that the floor price of Bored Ape Yacht Club NFTs has plummeted to 64.99ETH. Notably, the asset has fallen by almost 30% in the last 30 days, the lowest level registered since January 2022.

Moreover, Bored Ape Yacht Club NFT collection average sale in the last seven days has also plunged by more than 10%. Data from CoinGecko also indicated that the asset has been on a downtrend since reaching an all-time high of 153.7 ETH on May 1.

Currently, BAYC is the second biggest NFT collection by market capitalization with 650,000 ETH(about $1.2 billion). Notably, it recently lost its leading position to its closest rival, CryptoPunks, which has a market cap of 664,500 ETH and a floor price of 66.5 ETH.

Both BAYC NFTs and CryptoPunks are a collection of 10,000 unique digital collectibles on the Ethereum blockchain. CryptoPunks was created by two Canadian software developers Matt Hall and John Watkinson. On the other hand, BAYC NFTs was created by four pseudonymous developers: Gargamel, Gordon Goner, Emperor Tomato Ketchup, and No Sass.

BAYC faces liquidations on BenDAO

Meanwhile, in a distressing development for Bored Ape Yacht Club NFTs holders, assets acquired using loans on peer-to-peer lending service, BenDAO, could be forcibly sold as a result of the collection’s plummeting floor price.

BendDAO allows customers to borrow ETH against their NFTs. Notably, customers can obtain loans equal to 40% of their NFT collection’s floor price, with the NFT as collateral. However, with BAYC floor price down 57% since May, several investors are at the risk of losing their NFTs.

Currently, 45 of the 272 Bored Apes tied to BendDAO loans are in the “danger zone“ of being liquidated. Additionally, it’s worth noting that the 272 Bored Apes tied to BendDAO represent 2.72% of the entire collection.

Retail Interest In Bored Ape Yacht Club Drops To 2022 Low

Similarly, data from Google search trends has revealed that interest in Bored Ape Yacht Club NFTs has dropped significantly. For example, according to Google Trends, the search for the term ‘Bored Ape Yacht Club’ has dropped to a yearly low of 10.

Google Trends uses numbers to represent search interest, with ‘100’ as the peak popularity for the specific term. Although, it’s worth noting that high interest doesn’t necessarily imply an increase in asset price or in actual buying.

Google Trends revealed that at the beginning of the year, searches for BAYC was at a peak of 100. However, joining the entire crypto market in the current downtrend search for NFT has plunged more than 90%.

Google search results further disclosed that Singapore is the nation most interested in Bored Apes in the last seven days. However, a further state-by-state breakdown shows that China, Hong Kong, Puerto Rico, and Canada also have considerable interest in the asset.