Since early May, the NFT collection at BAYC has dropped by more than half. The minimum price per “JPEG” had plummeted below $200,000 on Wednesday. Just a few years ago, an Ape could be purchased for as little as $400,000. The trade dynamics have changed as well: sales have dropped by 117 pieces, or around 30%.
Despite the BAYC collection’s steep drop, Yuga Labs continues to produce the most popular NFT collections on the market. According to Cryptorank’s infographic, all three collections by well-known NFT producers were among the top five in terms of market capitalization.
The BAYC collection, which has 6,272 active holders, took first prize. The collection is worth 1.9 million ETH ($2.15 billion) on the market. Otherdeed takes second place, a compilation that gained widespread notice with the revelation of Ape’s Metaverse, Otherside. With 34,382 holders, its market capitalization is projected to be 631,117 ETH, or $1,2 billion. Another Yuga Labs product is Mutant Ape Yacht Club, which is ranked fourth on Cryptorank. With 12,434 active wallets, the specific set of mutant apes has a market cap of 415,653 ETH, or $816.7 million.
In the midst of the financial market turmoil, it appears reasonable to foresee a halt in NFT activity and a further decline in the value of existing collections. But, with such an emotive, young, and niche part of the crypto market, operating on a single logic does not appear to be the best approach.
Read more: BAYC NFT sale freezed by Singaporean Court
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