The NFT market is mirroring the wider crypto market, with prices falling sharply over the weekend. Some of the biggest losers include Bored Ape Yacht Club and Mutant Ape Yacht Club, whose floor prices have declined by as much as 50%.
The floor price for BAYC NFTs has taken a 40% haircut in just two days, dropping from 38 ether ($73,000) on June 30 to below 28 ether ($53,500) on July 2.
Will Clemente, the co-founder of Reflexivity Research, tweeted on July 2 that the floor price for the Bored Ape Yacht Club NFT collection has decreased by 90%, which is part of a larger decline for the collection.
The Bored Ape NFT market is in free-fall, with the floor price dropping by approximately 60% over the past week. This decline is likely due to criticism of the new Azuki NFT collection for its striking resemblance to the previous collection.
The NFT market is experiencing some turbulence, with sales declining in June. Ethereum-based NFTs were the most popular, accounting for $452 million of the total sales.
The once highly valued Bored Ape Yacht Club NFT that Justin Bieber purchased for $1.3 million in January 2022 is now worth a mere $59,090, representing a substantial depreciation.
The NFT market is a wild west, where prices can fluctuate wildly. Justin Bieber’s BAYC NFT is just one example of how quickly the value of an NFT can plummet.
While some NFT ventures have ended in losses, others have been incredibly lucrative. Some stars have made millions of dollars selling NFTs for exorbitant prices. It is a game of high risk and potentially high reward. For some, however, the goal was never to make a profit. Instead, they saw NFTs as a way to connect with their fans and promote their brands.