BAYC Downfall Summarised: Price Down From 150 ETH To 8 ETH

• 1 The BAYC floor price has continuously declined from the peak of 2022, reaching 8 ETH.
• 2 Bored Ape Yacht Club has a market cap of 88082 ETH with a volume of 705ETH in the last 24 hours.
• 3 BAYC has a total of 9998 ETH with a total of 5465 unique owners

Bored Ape Yacht Club is a collection of 10,000 unique Bored Ape NFTs that are well-known in the market for their high price and celebrity value.

Celebrities like Justin Bieber, Eminem, Serena Williams, Stephen Curry, Shaquille O’Neal, and Jimmy Fallon are a part of the Bored Ape Yacht Club. Big companies like Adidas have also purchased their own Apes.

Source: BAYC 

After two years of the launch, the most expensive APE was sold at an astounding price of $3.4 Million. When the APE was buzzing around every corner of the NFT space, its floor price was around 150 ETH. 

The minting process of BAYC was also unique at the time, as most mints were on a bonding curve pricing, meaning the last NFTs were more expensive to mint. BAYC established the fixed mint price and reinforced the 10k model, which was sold within a few hours of their launch. 

From the Peak to the Downfall: What Went Wrong With BAYC?

The NFT market has been experiencing stagnation for the past year. The floor price of Cryptopunk has experienced a decrease of 48% in the last 90 days. Meanwhile, BAYC NFTs also lost 40% of their value in the previous three months. 

The floor price of the BAYC collection was 13.29 ETH 90 days ago, but as of now, it has dropped to 9 ETH. Meanwhile, The Pudgy Penguins NFT collection saw a 20.5% decline over the same period, while Milady Maker NFTs experienced a surge in the last 30 days. 

The downtrend of the BAYC is partially due to the market conditions and some of their bad decisions. Let’s assess why BAYC is facing a downfall.

Source: Yuga.com

Yuga Lab, the parent company of the BAYC, created a new market and was uncontested for a while. BAYC became a gold mine for the Yuga lab for a few years. They also offered free airdrops of Mutants, Kennel, and APE tokens to the BAYC holders.

Yuga started to add a ton of collections to its ecosystem. The other side was a huge release, with 100k units, and gained a strong attraction at launch. The downward spiral for BAYC and Yuga labs began since then. In the meantime, they also acquired CryptoPunks, 10KTF, and many more.

By late ’22, Gordon, the founder of the Yuga Labs, had to step down to look after his health. It was a massive blow to the community and the company. They tried to replace him with the ex-Activision CEO, who had just one focus: turning Yuga into a gaming company.

The other game was first released in 2022, giving the community a little hope, but not much has been done since.

In January 2024, they released a low-frame teaser of the game. It faced a massive backlash from the community due to its poor marketing and performance.

One of the other questionable decisions by the company was the acquisition of Moon Birds NFT, which faced allegations of insider trading. The other wrong decision that faced a huge backlash was to add a limited airdrop to the CryptoPunks NFTs collection from artist Nina Chanel. Many considered it “Woke,” while various believers in the project lost faith.

A Look Into BAYC’s Current Situation

The BAYC NFT has a current floor price of 8.79 ETH, which is the best offer at 8.68 ETH. The total volume of the NFT is around 1.5 million ETH, according to data from NFTGO. In the last 24 hours, the NFT saw a volume of 700 ETH, slightly increasing from the previous day. The overall sales of the BAYC were at 82, which is a 7% surge from the last day.

Source: NFT.go.io

The volume and the market cap of BAYC have been declining for the last three months. The overall unique holders of the NFT have also not seen much growth over the past three months.

What’s Next for BAYC?

BAYC was once at the top of his field and uncontested for a long time. Till late 2022, the project saw tremendous growth. The floor price of the NFT is declining and has reached 8 ETH at press time. Various analysts are expecting a comeback of BAYC in the near future.

Disclaimer
The views and opinions stated by the author or any people named in this article are for informational purposes only. They do not establish financial, investment, or any other advice. Investing in or trading crypto or stock comes with a risk of financial loss.

Andrew Smith

Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages ​​and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.