NFT Market in a Slump: Bored Apes, Azukis, and More
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The NFT market is not as hot as it used to be. Even the most popular collections, such as Bored Ape Yacht Club (BAYC), have seen their prices plummet.
BAYC is a collection of 10,000 unique digital apes that can be used as avatars or traded on NFT platforms.
According to Reflexivity Research, BAYC is down 90% from its all-time high in May last year. The floor price, which is the lowest price for an NFT in a collection, is now below 28.49 ETH, or around $55,000. This is the lowest it has been in over a year.
Regardless, BAYC is still the most traded collection by volume, with $46.6 million in sales in the last 30 days, according to CryptoSlam. However, some traders have been selling their apes below the floor price to buy other crypto assets, such as PEPE meme coins.
To make matters even worse, BAYC suffered a security breach last week when a hacker stole two apes worth around 70 ETH and sold them quickly.
#PeckShieldAlert #Phishing #NFT 2 #BoredApeYachtClub #8177 #2330 were stolen by #Fake_Phishing182232 and have been sold for 70.44 $ETH (~$135.4K)https://t.co/sNGjfDMJfh pic.twitter.com/Q7SHMjLBaO
— PeckShieldAlert (@PeckShieldAlert) July 1, 2023
Azukis in Turmoil
Another NFT collection that has seen a massive drop in floor price is Azuki. Azuki is a collection of 10,000 cute and colorful creatures that can be used to play games or earn rewards. Azuki’s floor price has fallen by 63.6% in the last week, from 15.4 ETH to 5.6 ETH.
Apart from that, Azuki is currently facing an internal conflict between its founder, Zagabond, and its community-run DAO. The DAO accuses Zagabond of mismanaging the funds and the development of the project. Zagabond claims that he has been transparent and fair with the community.
Others in the NFT Market Also Struggling
BAYC and Azuki are not the only NFTs that are experiencing a downturn. Many other collections have seen their floor prices decline by 15-20% in the last 24 hours, according to CoinGecko. These include Mutant Ape Yacht Club, DeGods, and Elemental.
The NFT market is notoriously volatile and unpredictable. It remains to be seen if these collections can recover their value and popularity in the future. Especially with the recent bullish sentiment in the crypto market.
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