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- The lowest price to acquire an ape from the collection is currently 49 ETH.
- Dune Analytics indicates that daily transactions across all NFT platforms have decreased by 71%.
As the entire NFT market has plummeted to trading levels not witnessed in years, last week marked the first time in months that the floor prices for “blue chip” NFT collections CryptoPunks and Bored Ape Yacht Club (BAYC) fell significantly below $100,000 worth of ETH.
The NFT market has seen a notable recovery; however, a CryptoPunk would still require an investment of 49.8 ETH, as noted by NFT Price Floor. While this is indeed a substantial amount of ether, it represents a 30 percent decrease from a month prior, when the cheapest CryptoPunk available was priced at over $128,000.
Yuga Labs, a prominent NFT firm, shares a similar narrative regarding their flagship product Bored Apes, which enjoys popularity among celebrities. The lowest price to add an ape to the collection is currently 49 ETH; purchasing a Bored Ape has not been this affordable since November 2021.
General Decline in NFT Market Trading
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These declining figures appear to reflect a broader issue: a widespread reduction in NFT market trading activity. Dune Analytics reports that daily trading across all NFT platforms has experienced a staggering 71% drop since mid-April.
There has been a consistent downturn in activity across all channels. On Thursday, there were fewer than 20,000 NFT transactions, marking the lowest total since late 2021.
The underlying causes of the latest decline remain unclear. Although Ethereum’s price increase following the Shanghai upgrade has slowed this week, the leading NFT market’s cryptocurrency is still performing well, trading at approximately $1,868 as of this writing, according to CMC.
The rapid rise of Blur, a relatively new NFT trading platform that overtook OpenSea as the largest NFT marketplace in late February, is largely credited for the recent positive media coverage regarding the industry’s long-term viability.
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