The non-fungible token market has seen its share of ups and downs over the last year and a half, with Bored Ape Yacht Club one of the brightest spots. As the cryptocurrency market tumbles and floor prices of NFT collections drop, here’s a look at how bad things have gotten in the last six weeks.
What Happened: The floor price of Bored Ape Yacht Club hit 153.58 Ethereum (CRYPTO: ETH) on April 30. The rise coincided with the launch of Otherdeed for Otherside, a NFT collection from Bored Ape parent Yuga Labs.
Every holder of a Bored Ape Yacht Club NFT got a free claim for an Otherdeed for Otherside NFT with a claim date of April 30 through May 22.
The floor price of Bored Ape Yacht Club started dropping after the claim as some owners claimed their NFT and then sold their Bored Ape.
Since the high on April 30, the floor price of Bored Ape Yacht Club has fallen. In Ethereum terms, the floor price is currently hitting levels last seen in March. With the floor price falling and the price of Ethereum also dropping significantly, this marks the lowest price a Bored Ape has been worth in U.S. dollars since 2021.
Related Link: How To Buy NFTs
How Much A Bored Ape Is Worth Today: A purchase of a Bored Ape at the floor price on April 30 was 153.58 ETH, which was worth around $435,680 at the high of the day based on the price of Ethereum.
At the time of writing, the price of Ethereum is $1,245.30 and the floor price of Bored Ape Yacht Club is 76 ETH, representing a value of $94,643.
A claim of an Otherdeed for Otherside NFT would be worth 2 ETH at the current floor price, representing a dollar value of $2491.
Together, the two NFTs are worth $97,134.
The purchase of a Bored Ape Yacht Club NFT for $435,680 is now worth a value of $97,134, representing a loss in value in dollars of $338,546. In percentage, the original investment would be down 78%.
Photo: Courtesy of opensea.io
