The crypto market’s current extreme market conditions have had an unfortunate effect on the NFT market. Monthly trading volumes have dropped by approximately 56% to $500 million. Additionally, blue-chip NFT projects – once thought to be stable and long-term investments – are now being impacted, including BAYC.
About the bear market’s impact on BAYC PFPs
The June 13 market sell-off has led to the decrease in the floor prices of top NFT projects, including BAYC, or Bored Ape Yacht Club. The BAYC floor price tanked to 74 ETH, approximately $92,223. This is a significant drop from the all-time high of 153 ETH by about 51.6%.
The NFT market has been largely resilient amongst the current bear market conditions. Investors have built substantial NFT portfolios, investing in blue-chip NFT projects as long-term investments. However, this significant drop shows that even blue-chip NFTs…