BAYC’s 3-year low: Will NFT markets see a revival in 2024?

• The floor price of Bored Ape now sits at a three-year low.
• CryptoPunks’ floor price has declined to its lowest since July 2023.

The floor price of the leading non-fungible token (NFT) project, Bored Ape Yacht Club (BAYC), fell below 11 Ether [ETH] to trade at 10.89 ETH in the early trading hours of 16th April, according to data from the NFT marketplace and aggregator Blur.

While the collection has since regained to trade at 11.1 ETH at the time of writing, its floor price is at its lowest point since August 2021, as shown by data from NFT floor price. 

BAYC records decline

Assessed on a year-to-date (YTD) basis, the collection’s floor price has cratered by 58%. For context, as of 1st January, an NFT from the BAYC collection could not be bought for less than 27 ETH.

Source: NFT Floor Price

Interestingly, the steady decline in the collection’s value has led to a month-over-month spike in sales volume, CryptoSlam’s data has shown. Since January, BAYC’s sales volume has risen steadily.

In the first quarter of the year, BAYC’s monthly sales volume rallied by 141%. So far this month, 307 transactions involving NFTs from the collection have been completed. According to CryptoSlam’s data, sales volume has totaled $13.44 million in the last 15 days. 

The Punks have not been spared

The largest NFT collection by market capitalization, CryptoPunks, has also witnessed a similar decline in floor price.

As of this writing, the collection’s floor price was 40.98, its lowest level since July 2023. According to NFT Floor Price data, this has declined by 27% since the beginning of the year.

Source: NFT Floor Price

NFT market participants have taken advantage of the decline in the collection’s value, as an uptick in sales volume has also been recorded since January. Between January and March, CryptoPunks’ sales volume increased by 79%.

So far this month, the collection’s sales volume has totaled $8 million from 37 transactions.

State of the market in the last month

An assessment of the performance of the general NFT ecosystem revealed a decline in the past 30 days. According to NFTGo’s data, sales volume during that period totaled $583 million and declined by 40%.

Due to the decline in trading activity in this vertical of the crypto space, the NFT market capitalization plummeted by 16% during the same window period. 

Source: NFTGo

At press time, the NFT market capitalization was $8 billion.