- The floor price & sales volume of populr NFTs continue to fall since touching new heighs in January
- Many Bored Ape Yacht Club (BAYC) NFT holders dump their tokens as the floor falls below 70 ETH
YEREVAN (CoinChapter.com) – The current condition of the nonfungible tokens (NFT) worries collectors.
According to a recent report by Bloomberg, the average sales prices of NFTs have taken a plunge. From an all-time high of nearly $6,900 at the beginning of January, the average NFT price is down below $2,000.
As a result, floor prices of many popular projects have also dropped multifold. Bored Ape Yacht Club (BAYC) is one such project that has taken a hit.
According to the data available on the NFT trading platform OpenSea, the floor price of BAYC NFTs has fallen below 70 Ethereum (ETH). At the time of writing, the cheapest Ape available for grabs on the platform costs 68 ETH or less than $170,000 in fiat currency terms.
Interestingly, the owner bought the same ape hours earlier for just 62.0542 Wrapped Ethereum (WETH) or a little over $159,000.
The daily sales volume of NFTs has also fallen to $26.2 million on March 3 from $160.2 million on January 31. That is an over 83% drop within the said period, according to the charts available on the data tracker NonFungible.
People parting with Bored Ape Yacht Club (BAYC) NFTs?
Amid the growing global uncertainty, partly caused by the Russian invasion of Ukraine, some collectors are hurrying to sell their BAYC NFTs. According to the data available on DappRadar, 14 of the top 15 nonfungible token sales in the past 24 hours are Apes from the Bored Ape Yacht Club project.
The most expensive, Ape #6503, fetched 111 WETH or over $280,000. The cheapest among them, Ape #664, fetched almost $157,000.
The cumulative value of the top 14 BAYC Apes sold amounts to around $2,767,000. However, those are not the only Apes sold today. A quick visit to the BAYC tracking account BoredApeBot on Twitter shows at least a few apes sold every hour.
But not all Bored Ape holders are ready to sell their NFTs. Serial BAYC collector Junics is shocked at the low floor prices and opts to hold on to his tokens until better days. According to him, if holders begin delisting their tokens, the floor price might see a positive change as a result.
“In Jan. I sold 5 apes for an AVG price of 140ETH. There’s no way I can sell one at that price point under current market conditons, so my whole collection have been delsited for about a month now as I refuse to lower my prices. Lower % listings usually helps the floor rise. Wait,”he says.
Moreover, he advises other holders not to panic and hold on to their nerves. In more bad news for collectors, searches for the term NFT dropped close to 60% on Google, according to the search engine.
Don’t write off the NFT industry as a bubble
Obituaries are already out following the drop in average sale volumes, coupled with the worryingly low floor prices of major projects. Regular critics call this the end of NFTs, predicting that the NFT bubble has burst.
However, this is not the first time industry insiders have read such headlines. Every time the statistics turn unfavorable, people predict the worst. Collectors, on the other hand, claim the opposite. They don’t believe nonfungible tokens represent a bubble.
On the contrary, some even insist the industry will grow even bigger from here. So, as they say, don’t write NFTs off just yet.