Blue-chip NFT collections such as the Bored Ape Yacht Club have found themselves prime targets in the latest crypto crash. As arguably the most noticeable NFT collection to date, BAYC has vastly out-competed its competitors and even the majority of the Crypto market. Although, like all, BAYC’s high ride above the market has come to an abrupt end…but for how long?
How Is BAYC During The Crypto Crash?
According to DappRadar, BAYC’s average sales price plunged 29% since last week. While transactions have slowed by 21%, user numbers are down 27%.
Coming off an all-time high in April, Yuga Labs’ BAYC NFT collection has typically fared better than the rest of the NFT market. As the BAYC community continues to battle its share of downtrends, Yuga Labs plans to bounce back after its last upset.
Meanwhile, the average sales price for the Otherdeeds NFT collection by Yuga Labs sank 23% in the last seven days. In addition, the BAYC native token ApeCoin is also down about 36% this week, according to CoinMarketCap.
However, BAYC’s recent fall from favor reflects a broader trend spreading across the marketplace for nonfungible tokens. For example, the JPG NFT Index, which provides exposure to an expansive basket of NFTs, fell by about 26% this past week. Moreover, NFT-backed loans, which allow borrowers to put up their digital artwork as collateral to obtain funds, may also contribute to the recent nosedive in NFT sales.
Bitcoin & ETH See Drastic Turns
Additionally, significant cryptocurrencies have seen a drastic dive in prices as Bitcoin slipped by nearly 18% in the past week. While those who bought last November saw Bitcoin fall by 50% from its all-time high. While Ether has taken a similar hit of 15%, bringing the price to a significant price point below its last resistance.
Moving forward, the crypto and NFT market remains as volatile as ever. However, NFT buyers are optimistic as many use these downtrend moments to pursue worthwhile projects.
As always, be vigilant!