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Last week, the Ethereum floor price of the Bored Ape Yacht Club (BAYC) NFT collection dropped to 65 ETH.
Data from NFT Floor Price revealed the drop to be the lowest level since the beginning of the year. With a continued downturn in the general cryptocurrency market, stats from CoinGecko showed that BAYC’s floor price has been on a decline since its all-time high of 153.7 ETH which it saw almost three months ago.
As a result of the declining floor price of BAYC, the scare that BendDAO could be liquidated also sent jitters into the cryptocurrency market in the last week.
BendDAO is an NFT liquidity protocol that allows its users to borrow ETH while collateralizing their NFTs.
Its customers are able to take loans up to 40% of the floor price of the NFT being used as security.
In a situation where the NFT floor price drops to a point where the loan’s Health Factor falls below one, the collateralized NFT is put up for auction within 48 hours and sold to the highest bidder if the borrower fails to repay the loan.
With a continued decline in the floor price of BAYC, two BAYC NFTs have been put up for auction, as of this writing. They each have a health factor of 0.93 and 0.97.
During the trading session of 21 August, CryptoPunks NFTs temporarily displaced BAYC as its floor price rose above that of BAYC, according to the data from NFT Floor Price.
As of this writing, CryptoPunk’s floor price stood at 66.45 ETH, trailing BAYC’s 68.48 ETH.
Source: NFT Floor Price
As per data from NFTGo, this blue-chip project has also been impacted by the continued NFT market decline.
In the last 30 days, sales volume for the project dropped by 47.72%.
In the last week alone, the project logged a 30% decline in sales volume.
As of this writing, CryptoPunks’ sales volume in the last 24 hours stood at $395,629.87, having dropped by 48.78%.
Also, with its current market capitalization at $2.27 billion, this had gone down by almost 10% in the last 30 days.
Source: NFTGo
In the last month, only 182 transactions to buy or sell an NFT in the CryptoPunks collection were completed.
This represented a 56.77% decline in CryptoPunks’ sales count in the past 30 days.
The number of transactions to send or receive NFTs from the collection also went down by 24%.
Source: NFTGo
Moreover, Blue Chip Index used to track the performance of Blue Chip NFT collections has taken on a steep decline in the past 30 days.
At press time, the index stood at 9,585 ETH, having dropped by 18% within the period under review.
Source: NFTGo
As for the general cryptocurrency market, trading volume dropped by 9% while the entire market capitalization posted a 6% decline in the past 30 days.
Source: NFTGo
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Abiodun is a full-time journalist working with AMBCrypto. He is also a lawyer with over 2 years of experience. With a keen interest in blockchain technology and its limitless possibilities, Abiodun spends his time understanding the technology, building projects, and educating people about it.
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