NFT community shocked: BAYC price fell below 10 $ETH
Recently, the price of Boring Ape Yacht Club (BAYC) has dropped significantly, shocking the entire NFT community. According to data from Blur, BAYC’s floor price has dropped to 8.87 $ETH; while the floor price on OpenSea is slightly higher at 9.3 $ETH. With 1 $ETH currently equivalent to approximately $3,400, the floor price on Blur is approximately $30,430, while the floor price on OpenSea is approximately $32,266.
Source: Blur and OpenSea BAYC price screenshots in Blur (top) and OpenSea (bottom) respectively
The decline continues a trend seen in previous months. Back in mid-April, BeInCrypto reported that BAYC prices plummeted by 90%, falling below 11 $ETH at one point. Members of the NFT community have expressed great shock and concern about the situation.
Well-known member BAYC7052 shared his views on It's about brand and demand. Quality may make you spend $10 on a T-shirt, but it's not quality that makes people spend $1,000 on a T-shirt, but prestige, flexibility, status, branding, and storytelling. (Or bullshit for some brands). Don’t expect higher floor prices until NFTs become popular again.”
Image source: X BAYC7052 calls on BAYC holders not to expect a higher floor price at this stage
According to CryptoSlam, BAYC’s sales dropped by 22.21% over the past 30 days, achieving only $13.1 million in sales across 301 transactions. Additionally, the overall NFT market has also seen a decline. The top three blockchain networks (Ethereum, Bitcoin, and Solana) saw 30-day sales decline by more than 40%. Monthly NFT sales in May fell by more than 50% compared to April, from more than $124 million to $616.67 million.
From peak to trough: the rise and fall of BAYC
BAYC was minted in May 2021 when all 10,000 Boring Apes were sold at a fixed price of 0.08 $ETH, pioneering a unique minting process. Driven by Gary Vaynerchuk and many celebrities, BAYC quickly emerged as a leader in the NFT market.
Source: Kelano Gary Vaynerchuk and many celebrities have purchased BAYC
With multiple free airdrops and high-priced sales, BAYC’s total value peaked in May 2022, with the total value of minting plus airdrops reaching $800,000.
Source: Kelano conducted multiple free airdrops between 2021 and 2022, with a total value reaching US$800,000
However, as Yuga Labs continued to add new series of products such as Otherside, HV-MTL, etc., BAYC began to decline. At the end of 2022, founder Gordon Goner had to step down due to health issues, and was replaced by former Activision Blizzard CEO Daniel Alegre. However, Alegre turned its focus to game development, but progress was slow, causing dissatisfaction among the community. In January 2024, a low frame rate trailer for Otherside was released, further fueling community dissatisfaction.
Image source: Kelano Yuga Labs continues to add new products
Challenges and future of NFT market
The challenges facing the NFT market are not limited to BAYC. Some well-known NFT projects such as Moonbirds and CryptoPunks have also encountered difficulties. Additionally, the overall NFT market has seen a significant decline in sales, reflecting the challenges and uncertainty facing the digital collectibles industry.
However, it is worth noting that Yuga Labs has substantial financial reserves, which gives it the potential to revive, according to Kelano, founder of Web3 brand marketing company TheReplyGuy. Despite facing fierce competition and internal issues, Yuga Labs still has an opportunity to regain the trust and support of the market through innovation and improved products.
Can BAYC make a comeback?
BAYC’s future is uncertain. Although prices are currently down significantly, Yuga Labs has deep resources and a strong brand presence. If they can make breakthroughs in product innovation and marketing, BAYC may rise again. However, to achieve this, they need to overcome many internal and external challenges, and it will take time to restore trust in the market.
In short, BAYC’s fall from its peak to the present reflects the severe volatility and uncertainty in the NFT market. In the coming months, market participants will pay close attention to the movements of BAYC and Yuga Labs, looking forward to a new dawn for this former NFT king.
Source: Kelano BAYC List of key events over the years