Bored Ape NFT Floor Price Plummets to 10 ETH, Experiencing a Drop of over 90% from its Peak

Bored Ape NFT Floor Price Plummets to 10 ETH, Experiencing a Drop of over 90% from its Peak

Bored Ape NFT Floor Price Plummets to 10 ETH, Experiencing a Drop of over 90% from its Peak

According to data from NFT Price Floor, the floor price of Bored Ape Yacht Club (BAYC) NFTs has dropped to its lowest point since August 2021. The data shows that the floor price of this once-popular NFT briefly dropped to 10.036 ETH yesterday (it has since rebounded to above 11 ETH), representing a decrease of over 90% compared to its historical high of 128 ETH.

The BAYC NFT series was first launched in April 2021 and gained significant popularity, with many celebrities holding and promoting these NFTs during the peak of BAYC’s hype. However, as time passed, the overall NFT market experienced a downturn, and even BAYC, considered to be one of the most successful and active communities in the market, couldn’t escape the decline.

According to Zombit’s report, American comedian Kevin Hart previously purchased Bored Ape #9258 NFT for 79.5 ETH (valued at around $200,000 at the time). He sold it in March this year for 13.782 ETH, receiving 13.43745 ETH (approximately $46,500) after deducting taxes. This means that Kevin Hart’s investment in this NFT resulted in a loss of over 76% in terms of USD value.

However, there have been rumors that Kevin Hart, Justin Bieber, Madonna, and other celebrities who held BAYC NFTs did not purchase them with their own money. Instead, the NFTs were reportedly given to them for free by the cryptocurrency payment company MoonPay in exchange for marketing and promotion.