With a market cap of $1.6 billion, Bored Ape Yacht Club is the trademark NFT project on Ethereum’s (ETH) network. The non-impressed-looking apes are a hit amongst celebrities, such as Snoop Dogg or Seth Green to name a few.
Bored Apes NFT made waves when The Sandbox purchased a Bored Ape NFT for a whopping $2.9 million. Nevertheless, it looks like prime time for the Bored Apes is over, or at least put on hold. The floor level of a Bored Ape NFT has plunged to under $100,000 for the first time since summer of 2021. The entry level price now sits at 86.39 ETH, which is $95,508.40 at the moment of this writing. 24 hours ago, the floor price was just 80 ETH, but the most popular NFT project on Ethereum (ETH) blockchain regained 13.2% of its price. According to NFT Price Floor, the Bored Apes from the NFT collection were sold just 13 times, which is 50% less, showing the decreasing demand for NFTs.
1/ The floor price of Bored Apes has fallen below $100,000 for the first time in in a year, according to statistics from NFT PRICE FLOOR. An investment opportunity that you may take is within the thread below... pic.twitter.com/im77HY6mha— Veo (@Veofiy) June 14, 2022
Ethereum NFTs Heavily Impacted by the Market Chaos
It’s logical to think that the most popular blockchain for NFTs will feel the consequences of extreme crypto market conditions. Indeed, Ethereum (ETH) is trading at $1,119.17, according to CoinGecko. That’s a massive deficit of 37.6% in the last 7 days. If Ethereum finds support around this level and starts building a bullish pattern, it is likely that the entry-level fee for a Bored Ape NFT will rise.
On the Flipside
- Seth Green has recovered his lost Bored Ape and spent another $300K to get it back
- Snoop Dogg gets ready to open a Bored Ape-themed sweet shop in Los Angeles