The value of Bored Ape Yacht Club (BAYC) nonfungible tokens (NFTs) has experienced a significant decline, dropping over 90% from its peak to 11.1 Ether (ETH), the lowest it has been since August 2021. According to NFT Price Floor, BAYC is now approaching a floor price of less than 10 ETH, with a 50% decrease since March 1 alone.
The NFT project, backed by Yuga Labs, was launched in April 2021, and its NFT price floor has now returned to the level it was four months after its launch. The drop in the NFT collection’s value from its peak of 128 ETH on May 1, 2022, reflects a broader decline in popularity for digital art NFTs.
However, it is worth noting that some BAYC NFTs have continued to sell for prices significantly higher than their floor price. The floor price is determined by the lowest-priced NFT in a given collection. For example, BAYC #830 was sold for 504.3 ETH ($1.92 million at the time) last month, and several other rare items have recently sold for over 30 ETH.
Similarly, the largest NFT collection by market cap, CryptoPunks, has also experienced a decrease in its peak floor price, falling by 64% from 113.9 ETH.
In light of the decline in digital art NFTs, industry commentators are discussing the possibility of a comeback. Shi Khai Wei, co-founder and chief operating officer of LongHash Ventures, believes that digital art NFTs were not meant to exist as standalone projects and suggests merging them with other verticals in the blockchain industry to create more utility.
Wei explained that it is challenging to generate interest in NFTs without a clear vision of the brand and actual products behind them. However, he also emphasized that NFTs can be a “superpower” for blockchain-based projects that already integrate in-game economies and offer NFT ownership.
In related news, digital artist OSF has made a commitment to produce art until their death, as seen in their NFT Creator.