Long-term holders of the Bored Ape Yacht Club (BAYC) NFT collection are selling their digital apes as the floor price drops to its lowest since August 2021.
The Bored Ape Yacht Club (BAYC) NFT collection, which once boasted a floor price of $500,000, is facing a wave of selling pressure as the market sentiment turns bearish. Many long-term holders of the digital apes are listing their NFTs for sale, hoping to cash out before the price falls further.
The BAYC collection, which consists of 10,000 unique pixelated apes with different traits and accessories, was launched in April 2021 by a mysterious group called Yuga Labs. The collection quickly gained popularity and attracted celebrities, athletes, and influencers who flaunted their apes on social media.
The floor price, which is the lowest price at which an NFT can be bought, reached a peak of $500,000 in October 2021, making BAYC one of the most valuable NFT collections in the world.
However, the tide has changed since then, as the NFT market has cooled down, and the demand for BAYC has waned. The floor price of BAYC has plummeted to $68,000 at the time of writing, according to the BAYC website, marking its lowest level since August 2021.
The collection has also lost its rank as the top NFT project by sales volume, falling behind CryptoPunks, Art Blocks, and Mutant Ape Yacht Club, according to DappRadar.
The declining floor price has triggered a sell-off among long-term holders of BAYC, who are trying to salvage their profits or cut their losses. For example, the owner of BAYC 3834, who bought the NFT for 0.4 ETH (about $1,000) three years ago, is now attempting to sell it for 20.50 ETH (about $52,000).
The same owner tried to sell the NFT for 189.9 ETH (about $480,000) one year ago but failed to find a buyer. There have been two transfers of BAYC 3834 but no sales, indicating that the owner is the same person.
BAYC 3834 is not an isolated case, as many other early holders of BAYC are also seeking an exit. Scrolling through the listing page of BAYC, it can be seen that dozens of NFTs are being offered for sale, some at prices below the floor price. The cause of the capitulation is likely the sinking floor price, which has eroded the confidence and enthusiasm of the BAYC community.
The future of BAYC remains uncertain, as the NFT market is notoriously volatile and unpredictable. Some analysts believe that BAYC still has a loyal fan base and a strong brand and that the collection will bounce back once the market recovers. Others argue that BAYC is losing its appeal and relevance and that the collection will fade into obscurity as newer and more innovative NFT projects emerge.
