With a market cap of $1.6 billion, Bored Ape Yacht Club is the trademark NFT project on Ethereum’s (ETH) network. The non-impressed-looking apes are a hit amongst celebrities such as Snoop Dogg and Seth Green, to name a few.
Bored Apes NFTs made waves when The Sandbox purchased a Bored Ape NFT for a whopping $2.9 million. Nevertheless, it looks like prime time for the Bored Apes is over, or at least put on hold. The floor level of a Bored Ape NFT has plunged to under $100,000 for the first time since the summer of 2021. The entry level price now sits at 86.39 ETH, which is $95,508.40 at the moment of this writing. 24 hours ago, the floor price was just 80 ETH, but the most popular NFT project on Ethereum (ETH) blockchain regained 13.2% of its price. According to NFT Price Floor, the Bored Apes from the NFT collection were sold just 13 times, which is 50% less, showing the decreasing demand for NFTs.
Compared to two months ago, the floor price of a Bored Ape NFT has gone down by 78%. The record-high price was set at 152 ETH (that’s about $429,000) on April 29th. At that time, there was hype surrounding the new Otherside game, heavily endorsed by one of Yuga Labs’ co-founders. Every Bored Ape NFT owner had the ability to acquire land on the forthcoming game soil as a bonus.
Ethereum NFTs Heavily Impacted by the Market Chaos
It’s logical to think that the most popular blockchain for NFTs will feel the consequences of extreme crypto market conditions. Indeed, Ethereum (ETH) is trading at $1,119.17, according to CoinGecko. That’s a massive deficit of 37.6% in the last 7 days. If Ethereum finds support around this level and starts building a bullish pattern, it is likely that the entry-level fee for a Bored Ape NFT will rise.