Bored Ape Non-Fungible Token floor price hits 3-year Dip

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Bored Ape Yacht Club, the most famous Non-Fungible Token collection on the market at one time, saw its floor price fall to a record low since August 2021.

Bored Ape Non-Fungible Token floor price hits 3-year Dip . Photo: Bloomberg

Specifically, the floor price of the Bored Ape Yatch Club (BAYC) NFT collection in the early morning of April 16 dropped to around 10 ETH, the lowest level since August 2021. Compared to the peak of 128 ETH set in May 2022, BAYC has currently lost up to 90% of its value.

Historical BAYC price fluctuations. Source: Non-Fungible Token Price Floor (April 16, 2024)

The Non-Fungible Token BAYC collection was first launched in April 2021, and has taken the entire market by storm with promotion from artists and celebrities . In the context of a regular decline in the Non-Fungible Token market, BAYC still stands strong as one of the most successful Non-Fungible Token collections, boasting a large, loyal fan community. Historically, BAYC has had a peak sales volume of $3 billion, according to CryptoSlam.

However, after a long period of crypto market decline in 2022 - 2023, celebrities such as Kevin Hart and Justin Bieber sold this Non-Fungible Token at a relatively low price compared to the original purchase price.

At the end of 2022, Yuga Labs was caught in a class action lawsuit accusing celebrities of publicly promoting Bored Apes and MoonPay without disclosing their financial interests and advertising fees.

In February 2024, Yuga Labs appointed studio co-founder Greg Solano to replace then-incumbent CEO Daniel Alegre, former CEO of Activision Blizzard. That same month, Yuga Labs also acquired rival PROOF , the company behind the Moonbirds collection.

Recently, Yuga Labs announced that it will stop collaborating with Non-Fungible Token marketplaces that do not support copyright for content creators. Accordingly, the leading Non-Fungible Token studio will only work with exchanges that protect the author's copyright in the future. The brands Yuga Labs plans to protect include several collections such as Otherside, Non-Fungible Token Moonbirds.

The cryptocurrency associated with Bored Ape Yacht Club, ApeCoin (APE) , also recorded downward price fluctuations with the market, although recently there has been a lot of positive news such as choosing Arbitrum as a layer-2 development platform .

1D graph of the APE/ USDT pair on Binance at 01:10 PM on April 16, 2024

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Disclaimer: The content above is only the author's opinion which does not represent any position of Followin, and is not intended as, and shall not be understood or construed as, investment advice from Followin.
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