17/04/2024 Bored Apes' floor price hits lowest point since 2021, down more than 90% from all-time high

Quick Take

  • Powerhouse web3 brand Bored Ape Yacht Club has seen the floor price for its once-celebrated NFTs reach its lowest point since August 2021.
  • The floor price has declined by more than 90% from its all-time high, which it hit almost exactly two years ago.

Bored Ape Yacht Club NFTs may have hit more than a rough patch as the floor price for the once-celebrated collection hit its lowest point since August 2021.

As of Monday, the floor price on Bored Ape NFTs sank to 10.9 ether (about $34,000), according to NFT Price Floor data. The NFTs' floor price has not been that low since early August 2021, when it hit 9.5 ether, also according to the NFT data site.

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Yuga Labs, the creator of the Bored Ape Yacht Club, or BAYC, collection declined to comment.

The collection, which once had a slew of celebrities promoting the NFTs, first launched three years ago in April 2021. While the overall NFT market, especially for pricey, profile-picture tokens, has been depressed for quite some time, BAYC has often been regarded as the market's biggest success story, boasting an engaged community and popular iterative collections.

Historically, BAYC is the top NFT collection, among the collectibles market, by sales volume, having registered more than $3 billion, according to CryptoSlam! data.

Bored Ape Yacht Club floor price history. Image: NFT Floor Price.

BAYCs acquired by notable celebrities likeKevin Hartand Justin Bieber have later went on to sell for a fraction of their original price. The current floor price is more than 90% below BAYC's all-time high floor price of 128 ether (now about $395,000), which it hit in April 2022, according to NFT Price Floor.

Crypto startup firm MoonPayhelped facilitateHart’s purchase of a BAYC in 2022. The companyreportedlyalso gifted other celebrities BAYC NFTs in exchange for promoting MoonPay. The list of celebrities included Hart, Bieber,Madonnaand Jimmy Fallon.

MoonPay, however, denied giving celebrities NFTs for free.

Aclass action lawsuitwas filed in late 2022 that alleging celebrities publicly promoted Bored Apes and MoonPay without disclosing either their financial interests in the companies or if they had received compensation.

In February, Yuga Labs replaced its CEO, former Activision Blizzard executive Daniel Alegre, with Yuga co-founder Greg Solano. That same month, Yuga Labs alsoacquiredrival non-fungible token creator Proof, which is best known for its Moonbirds collection.

Arts

https://www.theblock.co/amp/post/288565/bored-apes-floor-price-hits-lowest-point-since-2021-down-more-than-90-from-all-time-high

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