NFT Market Decline: Bored Ape Minimum Price Reaches Two-Year Low

• The minimum price for Bored Ape NFTs dropped on Sunday night to approximately 27 ETH.
• Since its peak in April 2022, the floor price at the BAYC has decreased by nearly 88%.

As numerous celebrities began to invest in NFTs, Yuga Labs’ initiatives started to develop. The worth of these tokens surged, with BAYC reaching a peak minimum price of 152 ETH, which is around $429,000 in April of the previous year.

The NFT market has experienced a slowdown over the past year, with Bored Apes witnessing a significant decline during this timeframe. Over the weekend, the floor price fell to a two-year low.

Entire NFT Market Takes a Hit

Throughout the last year, the overall value of the NFT market experienced a 53% drop, settling at 3.33 million ETH.

As per data from NFT Price Floor, the floor price for Bored Ape NFTs fell on Sunday night to just over $52,000, or around 27 ETH at the time of writing. Although there was a slight rise to over $55,000 (28.5 ETH) during the interim, the price remains down 20% against the dollar.

In comparison, from its peak in April of last year, the floor price at the Bored Ape Yacht Club has decreased by nearly 88% to its recent low on Sunday. However, when measured in ether, the decline is about 82%. This also marks the lowest entry point for BAYC in US Dollars since August 2021, nearly two years ago.

Conversely, Yuga’s other initiative, The Mutant Ape Yacht Club (MAYC), saw a 32% reduction in its floor price over the past week, dropping from a low of just over 4.7 ETH late Sunday (approximately $9,100 at that time) to 5 ETH currently.

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