NFT Floor Prices Drop Due to Crypto Crash: BAYC PFPs Now Under $100k.

Jun 17, 2022 at 7:03 am
By NFT Premier

Wyvern is pushed overboard by the world's largest NFT marketplace, finding safe harbor in Seaport. The current harsh market conditions in the crypto market have had a negative impact on the NFT market. Trading volumes have plummeted by roughly 56% to $500 million per month. Furthermore, blue-chip NFT projects, such as BAYC, that were once regarded to be stable and long-term investments, are also being disrupted.

NFT Floor Prices Drop Due to Crypto Crash: BAYC PFPs Now Under $100k.

Concerns about the impact of the bear market on BAYC PFPs

The market sell-off on June 13 has resulted in lower floor pricing for major NFT projects, such as BAYC, or Bored Ape Yacht Club. The BAYC floor price plummeted to 74 ETH, or $92,223. This is a dramatic 51.6 percent loss from the all-time high of 153 ETH.

Despite the current weak market conditions, the NFT market has remained fairly robust. Investors have amassed sizable NFT portfolios by making long-term investments in blue-chip NFT initiatives. However, even blue-chip NFTs like BAYC are not immune to bear market conditions, as evidenced by this substantial decrease.

Is this low floor price the result of a hack?

Yuga Labs’ co-founder warned BAYC NFT owners a day before the launch to be wary of potential Twitter hackers. Yuga Labs also removed a portion of the code, making BAYC PFPs more vulnerable to hackers. As a result, if hackers had successfully hacked Bored Ape Yacht Club, there would have been an oversupply of NFTs, resulting in an even larger crash.

As a result, the decline in floor price is likely related to bear market circumstances and the massive crypto sell-off on June 13. Without a doubt, this disappointing news had a significant impact on the Bored Ape Yacht Club community, especially because it had previously dealt with BAYC Discord hackers earlier this month.