Relevance: The decline in the BAYC collection's floor price was attributed to the recent downward trend in the NFT market. The trend started with the launch of a new NFT collection dubbed Elementals by Chiru Labs, the firm behind the popular Azuki NFTs, last week. The new collection failed to meet expectations as many users found the visuals in Elementals identical to the ones in Azuki. The similarities between the two collections paved the way for a wave of holders who sold off the main Azuki NFTs, creating a ripple effect across the entire market. Brands that should care: Meanwhile, several other well-known NFT collections, including Mutant Ape Yacht Club and Pudgy Penguins, have also been impacted by this downward trend, showing a sudden decline in floor prices. |
What the numbers say: Yuga Labs' famous Bored Ape Yacht Club (BAYC) NFT collection recently retreated to under 30 Ether (ETH) in floor price for the first time since October 2021 before seeing a slight recovery. The collection's floor price fell to as much as 27.5 ETH on June 3, hitting a 20-month low. The figure also represents a 88% decrease from the collection's all-time high in April 2022. However, the popular NFTs managed to surge to the 30 ETH level again during the early hours of June 4.