land of the monkeys – Right now, bears are ruling the crypto markets. The NFT monkeys of the collection Bored Ape Yacht Club (BAYC) take a hit. Their floor price collapsesas well as that of another non-fungible token which is related to him.
Planet of the Apes NFT in Trouble
Bored Ape Yacht Club NFT floor price dropped on May 18, 2022, under the bar $200,000according to data by The Block. It saw a one-third drop in ether (ETH) and more than 50% in dollars since the beginning of May 2022. The floor price of the NFT Bored Ape then stood at $420,000.
This floor price currently stands at 94.53 ETH, or just over $193,000 at the current cryptocurrency price. The value of the NFT thus seems to be following the bearish trend in the crypto markets which has been aggravated by thecollapse of TerraUSD and LUNA cryptocurrency.
This month of may also saw a drop in the sales volume of NFT Bored Apes. These sales recorded a down about 30% week-on-week, from May 2 to 9, 2022.
57% less for another Yuga Labs NFT
The Bored Apes aren’t the only Yuga Labs NFTs to see their floor prices drop. The value of otherdeeds also followed a similar pattern. The Otherdeeds are plots of virtual lands from Yuga Labs Metaverse.
Otherdeeds sales brought in $320 million at Yuga Labs. 55,000 NFT plots were offered for sale at a unit price of 305 apecoins (APE) – more than $7,000 during the time.
The floor price of otherdeeds however recorded a down about 57% since the beginning of May 2022. It went from 7.44 ETH to 3.2ETH currently, according to data from NFT Price Floor.
the bearish context in the crypto and NFT markets is tricky. The sector sees new initiatives which contribute to the growing adoption of these. There is the example of the draftinstagram to soon integrate the NFT of Ethereum and Solana (SOL) on its platform.
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