Cryptocurrency NewsNFT Collections Experience a 90% Price Decline

NFT Collections Experience a 90% Price Decline

Nonfungible tokens (NFTs) have not experienced the same level of recovery as the broader cryptocurrency markets. Even the most prominent collections, including the Bored Ape Yacht Club (BAYC) by Yuga Labs, have faced significant price reductions.

On July 3rd, Will Clemente, co-founder of Reflexivity Research, revealed that BAYC had declined by 90% from its peak value. Over the past few days, the minimum prices for these NFTs featuring ape-themed artwork have dropped by 23% in the market.

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OpenSea, a popular NFT marketplace, reports that the current minimum price for the BAYC collection is just below 30 ETH, equivalent to approximately $58,440. While this may still sound substantial, it represents the lowest point the collection has reached in over a year.

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.

Multiple NFT collections are witnessing a decline in their minimum floor prices, and the trend extends beyond Bored Ape Yacht Club (BAYC).

According to CoinGecko, the Azuki collection has experienced a significant drop in floor prices over the weekend. In the past week alone, there has been a substantial decline of 63.6%, with prices plummeting from 15.4 ETH to the current level of 5.6 ETH.

Azuki NFTs are currently caught in an internal conflict between the project’s DAO and its founder, who goes by the name “Zagabond.”

CoinGecko’s data reveals notable decreases in the minimum floor prices of several prominent NFT collections within the last 24 hours. Mutant Ape Yacht Club, DeGods, and Elemental have all seen declines ranging from 15% to 20% over this period.


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