NFT prices fall to two-year low

Is the end near for the Bored Ape Yacht Club? Luxury NFTs have hit a new low this year. Bargain prices? Rather rock-bottom prices.

Demand drops and prices plummet. The market for NFTs is sinking to the bottom. This is especially evident in the Bored Ape Yacht Club. The NFT collection that made the most headlines.

The average price per NFT, also known as the floor price, has reached a two-year low. At one point, the price had dropped to 27.5 ether per NFT, about US$53,000. A similar price level was last seen in September 2021. Currently, the price has already risen again to 30 Ether. All clickbait articles aside, a BAYC NFT is still worth an extraordinary amount of money. It fared better last year. Indeed, in May 2022, the record value of a Bored Ape was still 153 Ether.

The Bored Ape side project Mutant Ape Yacht Club has also dropped significantly in value. Is this the bottom price for the apes or will we continue to drop? More information on NFTs can be found here.