It looks like the non-fungible token (NFT) market is in a bear market, alongside the general cryptocurrency industry as floor prices throughout the sector have suffered amid the broader market downturn. Even prestigious NFT sets are not left out as the floor price of the Bored Ape Yacht Club (BAYC) collection, one of the most expensive NFT collections has declined by more than 50% since the beginning of this month.
Data from Nifty Price reveals that BAYC’s floor price dipped to 97 ETH worth $194,000, signaling a 55% drawdown in dollar-denominated valuation from May 1, where the NFT floor price stood at 153 ETH worth approximately $432,000.
When looking at the BAYC floor price measured in Ether (ETH), the NFT collection has only fallen by a little over 35%, with the current floor price sitting at 97 ETH. The price of BAYC’s partnered cryptocurrency ApeCoin (APE) also suffered a significant drop in price, with the token down roughly 70% since the launch of Yuga Lab’s metaverse project: Otherside.
Despite all of the uproar and controversy surrounding the Otherdeed NFT drop, the project remains at the top of the charts in total volume even after a 75% drop over the last seven days.
The functionality of these digital lands is still unclear and Otherdeed has seen its floor price in a consistent downward trend. In the last seven days, the floor price decreased by 1.2%, and since minting, the price has dropped 55% from its all-time high at 7.4 Ether.
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