{"id":9058,"date":"2023-07-04T00:21:52","date_gmt":"2023-07-04T00:21:52","guid":{"rendered":"https:\/\/nft.runfyers.com\/index.php\/2023\/07\/04\/nft-market-plunges-bored-ape-yacht-club-hits-two-year-low-nft-news-today\/"},"modified":"2023-07-04T00:21:52","modified_gmt":"2023-07-04T00:21:52","slug":"nft-market-plunges-bored-ape-yacht-club-hits-two-year-low-nft-news-today","status":"publish","type":"post","link":"https:\/\/nft.runfyers.com\/index.php\/2023\/07\/04\/nft-market-plunges-bored-ape-yacht-club-hits-two-year-low-nft-news-today\/","title":{"rendered":"NFT Market Plunges: Bored Ape Yacht Club Hits Two-Year Low &#8211; NFT News Today"},"content":{"rendered":"<p><\/p>\n<div>\n<p>The NFT market has been facing a significant downturn, with prices of popular collections plummeting. One notable collection, the <a href=\"https:\/\/nftnewstoday.com\/2022\/05\/15\/curious-about-the-bored-ape-nft-collection\/\" target=\"_blank\" rel=\"noopener\" title=\"\">Bored Ape Yacht Club (BAYC)<\/a>, has experienced a sharp decline, reaching a two-year low. This article delves into the recent crash in NFT prices and its impact on various collections.<\/p>\n<h2 class=\"wp-block-heading\">BAYC and MAYC Prices<\/h2>\n<p>The floor price for Bored Ape NFTs has dropped to just over $52,000 worth of Ethereum, marking an 88% decline from its peak in April 2022.<\/p>\n<p>Similarly, the <a href=\"https:\/\/www.kraken.com\/learn\/what-is-mutant-ape-yacht-club-nft\" target=\"_blank\" rel=\"noopener\" title=\"\">Mutant Ape Yacht Club<\/a>, a follow-up to the BAYC, has seen its floor price dip by 32% over the past week. It fell to around 4.7 ETH, equivalent to about $9,100, which is the lowest value ever tracked by NFT Price Floor since the project\u2019s debut.<\/p>\n<h2 class=\"wp-block-heading\">Azuki and Beanz NFT Collections<\/h2>\n<p>The NFT market downturn has affected other collections as well. Azuki\u2019s namesake <a href=\"https:\/\/nftnewstoday.com\/2023\/06\/02\/the-top-10-anime-pfp-nft-projects\/\" target=\"_blank\" rel=\"noopener\" title=\"\">anime NFT<\/a> collection has experienced a significant price sink of 59% over the past week, with its floor price hovering around 6 ETH (approximately $11,785). Additionally, the floor price for Beanz, another <a href=\"https:\/\/nftnewstoday.com\/2023\/06\/28\/azukis-elementals-nft-collection-sells-out-generating-38-million-in-15-minutes\/\" target=\"_blank\" rel=\"noopener\" title=\"\">collection from Azuki<\/a> creator Chiru Labs, has plummeted by 77%, reaching 0.4 ETH (approximately $785).<\/p>\n<figure class=\"wp-block-image size-large\"><noscript><img loading=\"lazy\" title=\"image - NFT News Today\" decoding=\"async\" width=\"1024\" height=\"296\" src=\"https:\/\/nftnewstoday.com\/wp-content\/uploads\/2023\/07\/image-1024x296.png\" alt=\"\" class=\"wp-image-73058\" srcset=\"https:\/\/nftnewstoday.com\/wp-content\/uploads\/2023\/07\/image-1024x296.png 1024w, https:\/\/nftnewstoday.com\/wp-content\/uploads\/2023\/07\/image-300x87.png 300w, https:\/\/nftnewstoday.com\/wp-content\/uploads\/2023\/07\/image-768x222.png 768w, https:\/\/nftnewstoday.com\/wp-content\/uploads\/2023\/07\/image-1536x443.png 1536w, https:\/\/nftnewstoday.com\/wp-content\/uploads\/2023\/07\/image.png 1940w\" sizes=\"(max-width: 1024px) 100vw, 1024px\"\/><\/noscript><\/figure>\n<h2 class=\"wp-block-heading\">Stability of CryptoPunks<\/h2>\n<p>In contrast to other collections, <a href=\"https:\/\/www.larvalabs.com\/cryptopunks\" target=\"_blank\" rel=\"noopener\" title=\"\">CryptoPunks<\/a> has shown relative stability during this market downturn. Despite a 14% decline in its floor price over the past week, CryptoPunks remains culturally significant in the Web3 space. It is considered valuable without the need for added \u201cutility\u201d or features for holders.<\/p>\n<h2 class=\"wp-block-heading\">Factors Contributing to the NFT Market Downturn:<\/h2>\n<p>Industry experts attribute the recent wave of \u201cpanic selling\u201d in the NFT market to various factors. Traders on Blur, a platform that rewards trading activity, have exacerbated the market downturn. This increased trading activity has added to the downward pressure on NFT prices, leading to further declines.<\/p>\n<h2 class=\"wp-block-heading\">Conclusion:<\/h2>\n<p>The NFT market is currently experiencing a substantial downturn, with prominent collections like the Bored Ape Yacht Club, Mutant Ape Yacht Club, Azuki, and Beanz suffering significant price declines. However, CryptoPunks stands out as a collection that has shown relative stability.<\/p>\n<p>The impact of panic selling and trading rewards on platforms like <a href=\"https:\/\/nftnewstoday.com\/2023\/02\/21\/blur-new-nft-marketplace-leader\/\" target=\"_blank\" rel=\"noopener\" title=\"\">Blur<\/a> has contributed to the downward pressure on NFT prices. It remains to be seen how the market will evolve and whether it can recover from this period of decline. As the NFT market continues to mature, market participants will closely monitor these price movements and adapt their strategies accordingly.<\/p>\n<\/div>\n<p><a href=\"https:\/\/nftnewstoday.com\/2023\/07\/04\/nft-market-plunges-bored-ape-yacht-club-hits-two-year-low\/?utm_source=rss&#038;utm_medium=rss&#038;utm_campaign=nft-market-plunges-bored-ape-yacht-club-hits-two-year-low\" target=\"_blank\" rel=\"noopener\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The NFT market has been facing a significant downturn, with prices of popular collections plummeting. One notable collection, the Bored Ape Yacht Club (BAYC), has experienced a sharp decline, reaching a two-year low. This article delves into the recent crash in NFT prices and its impact on various collections. BAYC and MAYC Prices The floor [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":9059,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[9],"tags":[21],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/nftnewstoday.com\/wp-content\/uploads\/2023\/07\/bored-ape-yacht-club-instagram-discord-hacked-resulting-in-massive-nft-scam_feature.jpg","jetpack_sharing_enabled":true,"jetpack_likes_enabled":true,"_links":{"self":[{"href":"https:\/\/nft.runfyers.com\/index.php\/wp-json\/wp\/v2\/posts\/9058"}],"collection":[{"href":"https:\/\/nft.runfyers.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/nft.runfyers.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/nft.runfyers.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/nft.runfyers.com\/index.php\/wp-json\/wp\/v2\/comments?post=9058"}],"version-history":[{"count":0,"href":"https:\/\/nft.runfyers.com\/index.php\/wp-json\/wp\/v2\/posts\/9058\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/nft.runfyers.com\/index.php\/wp-json\/wp\/v2\/media\/9059"}],"wp:attachment":[{"href":"https:\/\/nft.runfyers.com\/index.php\/wp-json\/wp\/v2\/media?parent=9058"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/nft.runfyers.com\/index.php\/wp-json\/wp\/v2\/categories?post=9058"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/nft.runfyers.com\/index.php\/wp-json\/wp\/v2\/tags?post=9058"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}