NFT Evening NFT Evening
    Facebook Twitter Instagram Reddit
    NFT Evening NFT Evening
    • News
      • Collectibles
      • Crypto Art
      • Blockchain games
      • Metaverse
      • Music
      • Interviews
    • Guides
      • Top NFT Projects
      • Top Blockchain Games
      • NFT Marketplaces and Tools
    • Learn here!
      • What is an NFT?
      • How to keep your NFTs safe
      • NFT Glossary
    • NFT Calendar
      • NFT Drops
      • NFT Conferences
      • NFT Launchpad
    • Newsletter
    NFT Evening NFT Evening
    News

    Home » News » Crypto Crash Is Also Affecting BAYC And Other Blue Chip NFTs

    Crypto Crash Is Also Affecting BAYC And Other Blue Chip NFTs

    By Jordon NealMay 12, 2022Updated:January 27, 20232 Mins Read

    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?

    Crypto Crash BAYC downtrend
    Crypto statistics reveal that as of March 2022, there were over 300 million people using crypto globally and 80 million blockchain wallet users. Credit: Finance Magnets

    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!

    Join Our New "To The Moon" daily Newsletter

    Get our free, 5 minutes daily newsletter. Join 25,000+ NFT enthusiasts & stay on top 👊🌚

    Thank you!

    You have successfully joined our subscriber list.

    .

     


    All investment/financial opinions expressed by NFTevening.com are not recommendations.

    This article is educational material.

    As always, make your own research prior to making any kind of investment.

    blue chip nftsBored Ape Yacht ClubYuga Labs
    Previous ArticleBianca Van Damme & Scott Bushaw Announce Vice NFT Collection
    Next Article Manchester City FC x Puma Team Up To Release An NFT Collection
    Jordon Neal
    • Twitter

    Web3 content Writer/Developer based out of Central Florida. Dedicated to building community and providing knowledge on the blockchain

    More great NFT Evening content:

    Trevor Jones and MakersPlace Pay Tribute to Alotta Money Through NFT Art Auction

    March 31, 2023

    Unstoppable Domains Introduces AI Avatars for Digital Identity

    March 31, 2023

    Flybondi becomes the first airline to offer NFT tickets

    March 31, 2023

    Fetch.ai’s $40M Funding To Accelerate AI & Blockchain Integration

    March 30, 2023

    Art Blocks Launches Creator-Friendly NFT Marketplace

    March 30, 2023

    NFT Art Lands Pussy Riot Founder Nadya Tolokonnikova on Russia’s Wanted List

    March 30, 2023

    NFTb Welcomes My Neighbor Alice Token, ALICE, As First Native Token

    March 30, 2023

    Metamask Airdrop Rumors Dismissed by Metamask: Stay Safe!

    March 30, 2023
    Latest NFT News

    Trevor Jones and MakersPlace Pay Tribute to Alotta Money Through NFT Art Auction

    March 31, 2023

    Unstoppable Domains Introduces AI Avatars for Digital Identity

    March 31, 2023

    Flybondi becomes the first airline to offer NFT tickets

    March 31, 2023

    Fetch.ai’s $40M Funding To Accelerate AI & Blockchain Integration

    March 30, 2023

    Art Blocks Launches Creator-Friendly NFT Marketplace

    March 30, 2023

    NFT Art Lands Pussy Riot Founder Nadya Tolokonnikova on Russia’s Wanted List

    March 30, 2023

    NFTb Welcomes My Neighbor Alice Token, ALICE, As First Native Token

    March 30, 2023

    Metamask Airdrop Rumors Dismissed by Metamask: Stay Safe!

    March 30, 2023
    Get The FREE Exclusive Report
    CLICK HERE

    NFTevening is the biggest website for NFT news. We cover; breaking news, upcoming mints, plus, interviews with top NFT artists and projects. Put simply, we are the best place for new and experienced non-fungible token fans — making content fun & accessible

    Privacy policy
    Terms and conditions

    Article Categories
    • Blockchain games
    • Collectibles
    • Columns
    • Crypto Art
    • Guides
    • Interviews
    • Metaverse
    • Music
    • News
    • NFT Marketplaces and Tools
    • Sponsored Content
    • Top Blockchain Games
    • Top NFT Projects
    NFT Calendar
    • Today’s NFT Drops
    • Upcoming NFT Drops
    • Solana NFT Drops
    • NFT Calendar
    • NFT Calendar : Add Your NFT Event
    Get In Touch
    • Advertise (Media Kit)
    • Job Opportunities
    • About Us
    • Contact Us
    • Newsletter
    NFT Beginners Guides
    • How to Sell NFT Art
    • How to Create NFT Art
    • How to Display NFT Art
    • How To Make Passive Income With NFTs
    • Best Crypto Wallet
    • Best NFT Coins
    • Best NFT Rarity Tools
    • What is a DAO ?
    • What Are Crypto Gas Fees ?

    Type above and press Enter to search. Press Esc to cancel.