• BAYC’s NFT collection has tanked 90% from its all-time high.
• The floor price for the BAYC collection is now just below 30 ETH, or around $58,440.
• According to CryptoSlam, BAYC is the largest one by 30-day trade volume which is reported as $48.8 million in sales.
NFT Collection Tank By 90%
Nonfungible tokens (NFTs) have not recovered anywhere near the levels that crypto markets have and leading collections remain way down from their peaks. On July 3, Reflexivity Research co-founder Will Clemente revealed that Bored Ape Yacht Club (BAYC), one of the most popular collections to be traded, had tanked 90% from its all-time high – with a floor price of just below 30 ETH, or around $58,440 – the lowest it has been in over a year.
According to CryptoSlam, BAYC is the largest one by 30-day trade volume which is reported as $48.8 million in sales. However last week a cyber thief known as “Fake_Phishing182232” managed to pilfer two Apes worth around 70 ETH.
NFT Activity Slump
In May there was an influx of traders selling BAYC below floor prices to buy PEPE memecoins but this activity has not continued at strong rates since then and NFT activity appears to have slumped overall once more.
On July 1st Peckshield alerted users about the theft of 2 apes (#8177 and #2330) worth around 70 Ethereum . This comes after other thefts earlier this year when hundreds of thousands of dollars worth of Ethereum were stolen from NFT wallets due to security vulnerabilities on certain platforms .
Whilst crypto markets may have renewed momentum it would appear that NFT’s are yet to take off again and leading collections such as BAYC remain heavily discounted compared to their all time highs . With further incidents such as ape thefts occurring it will be interesting to see how long it takes before investors trust these digital assets enough for them regain their value .