Bored Apes NFT prices hit a two-year low
Date: 2023-07-04 Author: Karina Ziganova Categories: CRYPTO PAYMENTS
The price of non-fungible tokens (NFTs) from the Bored Ape Yacht Club (BAYC) collection has dropped to its lowest level in two years.
However, on Sunday, July 2, the price of one NFT fell to 27 ETH (about $52,793), which was the lowest since August 2021.
The drop in NFT prices from BAYC has been more pronounced in recent months. Data from NFT marketplace OpenSea shows that the minimum price of tokens has fallen by at least 50% since April 2023, when they were worth about $126,000.
"Prices in any market are set by marginal buyers and sellers, and in the current scenario there are not enough buyers," said Brad Kay, an analyst at The Block Research.
In addition, prices may fall as there are larger Bored Apes holders dumping tokens. This can have a negative impact on the price. In particular, one of the largest NFT owners from BAYC, Jeffrey Huang, recently sold a large number of tokens on the Blur marketplace.
In addition, the NFT market as a whole is experiencing hard times due to lack of liquidity. This also leads to lower prices for popular collections such as Doodles, Azuki, and CryptoPunks. This was confirmed by an NFT analyst under the nickname punk9059. According to his data, more than 80% of NFTs from top collections such as Bored Apes and CryptoPunks have never been sold in 2023.
In April, NFT prices from the BAYC and CryptoPunks collections fell below $100,000 for the first time in months. Even then, analysts pointed to serious problems in the non-fungible token market, where fewer and fewer transactions took place. Some market participants believe that the decrease in activity on NFT marketplaces should be regarded as a long-awaited achievement of the bottom of the current cycle.
To lure traders, NFT marketplaces are forced to look for new incentives for users. In particular, the NFT marketplace Blur has updated its system for rewarding traders. The platform will now distribute rewards in BLUR tokens to users who make a real contribution to the growth of the ecosystem.
