Nonfungible tokens (NFTs) have not recovered anywhere near the levels that crypto markets have. Even the largest collections in the industry, such as Yuga Labs’ Bored Ape Yacht Club, are heavily discounted.
On July 3, Reflexivity Research co-founder Will Clemente revealed that BAYC was down 90% from its all-time high. Floor prices for the Ape-themed NFTs have slumped over the past few days, falling 23% over the last week.
According to NFT marketplace OpenSea, the floor price for the collection is now just below 30 ETH, or around $58,440. This sounds a lot, but it is the lowest it has been in over a year.
The Bored Ape Yacht Club NFT collection is now down over 90% from its $600K high pic.twitter.com/TZVuXFl9UZ
— Will Clemente (@WClementeIII) July 2, 2023
NFT Activity Slump
However, BAYC remains one of the most popular collections to be traded. According to CryptoSlam, BAYC is the largest one by 30-day trade volume which is reported as $48.8 million in sales.
In May, CryptoPotato reported that NFT traders were selling BAYC below floor prices to buy PEPE memecoins.
Nevertheless, a cyber-thief known as “Fake_Phishing182232” manage to pilfer two Apes late last week worth around 70 ETH. On July 1, Peckshield alerted users about the theft of BAYC #8177 and #2330, which were quickly sold by the hacker.
#PeckShieldAlert #Phishing #NFT 2 #BoredApeYachtClub #8177 #2330 were stolen by #Fake_Phishing182232 and have been sold for 70.44 $ETH (~$135.4K)https://t.co/sNGjfDMJfh pic.twitter.com/Q7SHMjLBaO
— PeckShieldAlert (@PeckShieldAlert) July 1, 2023
BAYC is not the only NFT collection to see a slump in floor prices.
According to CoinGecko, NFTs from the Azuki collection have dumped in floor price over the weekend. A massive 63.6% decline of 15.4 ETH to current floor prices of 5.6 ETH has happened on Azuki NFTs over the past week.
Azukis is currently embroiled in an internal battle between the project’s DAO and its founder known as “Zagabond.”
CoinGecko is currently reporting major 24-hour floor price slumps for several prominent NFT collections. Mutant Ape Yacht Club, DeGods, and Elemental have all seen 15-20% declines over the past 24 hours.
Crypto Markets Remain Buoyant
Contrary to what is going on in the NFT space, cryptocurrency markets remain buoyant during the Monday morning Asian trading session.
Total capitalization is up 1.1% on the day to $1.25 trillion as BTC and ETH hold on to gains made in June.
Bitcoin has remained in consolidation, so markets are currently being driven by the altcoins such as Litecoin, Polkadot, Bitcoin Cash, and Avalanche.
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