The base price of the highly popular Bored Ape Yacht Club (BAYC) NFT collection which was created and launched by Yuga Labs has plummeted to its lowest level in 20 months . The decline comes as the broader cryptocurrency market experiences a strong downward trend.
NFTs gained immense popularity in 2021 with the emergence of various collections within the NFT ecosystem . As the crypto market entered a bearish phase towards the end of 2021 many NFT collections saw significant decreases in base prices and trading volumes .
BAYC Collection Continues to Depreciate Despite Market Trends
The Bored Ape Yacht Club (BAYC) collection has been particularly affected with a steady decline since May 2022 regardless of the performance of leading cryptocurrency Bitcoin and overall market trends . The base price of the collection has entered a strong downtrend and reached a new low of 27 .4 ETH according to CoinGecko data.
The BAYC collection has experienced an independent tumble over the last couple of weeks, whereas NFTs have been subject to the crypto market as a whole. The BAYC collection is currently worth 29.4 ETH at this moment of writing.
Base Price Hits Lowest Level in 20 Months
The decline in the basic price of the Bored Ape Yacht Club collection brings to light the challenges that NFTs deal with in an erratic market. It is uncertain how NFT collections will develop and whether their value is going to stabilize or keep declining as long as the cryptocurrency market is experiencing downward fluctuations .
Investors and collectors in the NFT arena are keenly following BAYC and other collections’ performances in the hopes of a potential reversal and reignited market interest. NFTs’ uncertain future however makes both developers and supporters eager for a more secure and prosperous atmosphere.