- The minimum price is now 27 ETH
- Experts believe that the lack of liquidity is to blame
- As well as a general drop in interest in NFTs
The Bored Ape Yacht Club collection is considered the benchmark for success in the NFT market. But now the project is going through hard times. The minimum value of art tokens has dropped to 27 ETH (approximately $53,000). This is the lowest level since August 2021.
The Block Research analyst Brad Kay believes that the reason for this lies in the laws of the market. Now there is pressure from sellers.
“Prices in any market are set by a marginal buyer and seller, and there are not enough buyers in the current scenario”
The expert added that an additional negative factor is brought by the large owners of Bored Apes, who are selling their art tokens.
In general, the NFT market has weakened and is experiencing a lack of liquidity. Therefore, in addition to BAYC, other top collections are getting cheaper – Doodles, Azuki, CryptoPunks, etc.
Crypto blogger @0xak_ believes that the decline will continue until interest returns to the NFT industry:
“Liquidity just reinforces reality. If there is no demand for your JPEG, the price will decrease until it appears.
These reflections are supplemented by the NFTstats.eth analyst. His charts show that more than 80% of the tokens from premium collections never traded in 2023.