Nonfungible tokens (NFTs) have not recovered anywhere near the levels that crypto markets have. Even the largest collections in the industry, such as Yuga Labs’ Bored Ape Yacht Club, are heavily discounted.
On July 3, Reflexivity Research co-founder Will Clemente revealed that BAYC was down 90% from its all-time high. Floor prices for the Ape-themed NFTs have slumped over the past few days, falling 23% over the last week.
According to NFT marketplace OpenSea, the floor price for the collection is now just below 30 ETH, or around $58,440. This sounds a lot, but it is the lowest it has been in over a year.
The Bored Ape Yacht Club NFT collection is now down over 90% from its $600K high pic.twitter.com/TZVuXFl9UZ
— Will Clemente (@WClementeIII) July 2, 2023
NFT Activity Slump
However, BAYC remains one of the most popular collections to be traded. According to CryptoSlam, BAYC is the largest one by 30-day trade volume which is reported as $48.8 million in sales.
In May, CryptoPotato r
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