The law of the jungle never prescribes anything without reason. BAYC no longer popular. This has been a recurring theme in the crypto media over the past few months. The floor price, floor priceof Yuga Labs’ iconic collection is inescapably plummeting. The latest transaction is a far cry from the dizzying records of yesteryear. Can the monkeys turn things around?
Latest BAYC sale illustrates the market’s downturn
You’d think anything rare would be expensive, but that no longer seems to be the case with Apes. And yet, the NFT in question has some unique features that are sure to raise the stakes. Indeed, Bored Ape #3953 is considered the second rarest in the collection. All tastes are catered for, of course, but did it deserve a bargain? The exchange price was 200 ETH, equivalent to $372,000.
Some might say that this is still a handsome sum (an apartment, even a house). In view of the staggering prices at which some of his more common congeners have sold, this is at best a bargain.
Let’s draw up a list of the five most expensive Bored Apes:
- Bored Ape #2087, sold for 769 ETH or $2,307,638.27, on September 30, 2021 ;
- Bored Ape #8585, $2,702,582, 697 ETH October 19, 2021;
- Bored Ape #232, $2,807,394, 1,080.69 wETH January 30, 2022;
- Bored Ape #3749, $2.91 million, 740 ETH, September 6, 2021;
- Bored Ape #8817, $3,408,000, 819 ETH at a sale organized by Sotheby’s on October 27, 2021.
You can see how cheaply this Ape #3953 sold.
At the same time, the floor price has also fallen sharply. At the time of writing, it is below ETH 35. The trend shows no sign of reversing.
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Why is the price of Bored Apes falling?
Let’s try to understand why this iconic collection no longer attracts so much attention. There are many reasons. The NFT now medium provides us with some leads.
Recently, in April 2023, Franklin, one of BAYC’s largest collectors, liquidated part of his NFTs for a total sum of $2.8 million. He’s not the only one to have parted with his monkeys. Jeffrey Huang, aka Machi Big Brother, has also put some 50 monkeys up for sale on Blur in recent weeks.
Can we attribute the fall to these sales alone? Only in part. The downward trend has a longer history. In fact, it can be superimposed on that of the crypto market in general. This reminds us that NFTs are assets that are subject to the law of supply and demand, with the volatility that this brings.
In addition, some collectors are pointing the finger at Yuga Labs’ other franchises, namely. Otherside and HV-MTL. In their view, they are a factor in the dilution and fragmentation of the offer, and the cause of disinterest in the original collection.
Many other factors can be evoked. Hunter Solaire puts forward a number of hypotheses in a thread. He mentions in particular :
Finally, regulatory uncertainty over cryptocurrencies, but also NFTs, is dampening the momentum of potential investors.
Should we consider that the end is near for BAYC NFTs and that they will go to 0? Or, on the contrary, is this a gateway for new buyers, with a view to a subsequent rebound? Time will tell. In any case, NFTs are making their way into everyday life. They continue to make inroads into the music industry, as demonstrated by this partnership between Warner Music France and Tailor.
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