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BAYC Dropped 50% in Price Since Early May

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Fri, 05/20/2022 - 16:06
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Gamza Khanzadaev
BAYC NFT collection lost 50% in value in May
BAYC Dropped 50% in Price Since Early May
Cover image via stock.adobe.com

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According to data provided by The Block, Bored Ape Yacht Club's NFT collection has fallen more than 50% since early May. By Wednesday, the minimum price per "JPEG" dropped below $200,000. Well, just a short time ago, an Ape at minimum could be picked up for $400,000. The trading dynamics have also changed - sales decreased by 117 pieces, or about 30%.

Despite such a strong decline in the BAYC collection, Yuga Labs is still the creator of the most in-demand NFT collections on the market. According to the infographic provided by Cryptorank, all three collections by famous NFT creators ranked in the top five by market capitalization.

First place went directly to the BAYC collection, with 6,272 active holders. The collection has a market capitalization of 1.9 million ETH, or $2,15 billion. Second place is taken by Otherdeed, a collection that attracted everyone's attention due to the announcement of Ape's Metaverse, Otherside. Its market capitalization is estimated at 631,117 ETH, or $1,2 billion, with 34, 382 holders. Another Yuga Labs product in Cryptorank's top five is Mutant Ape Yacht Club, which holds fourth place. The specific set of mutated apes has 415,653 ETH, or an $816.7 million market cap, with 12,434 active wallets holding it.

What to expect from "JPEG" market next?

Amid the storm on the financial markets, it seems obvious to expect a slowdown in activity in the NFT segment and a further drop in the value of existing collections. But with such an emotional, young and specific segment of the crypto market, to operate by one logic does not seem quite correct either.

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About the author

Financial analyst, trader and crypto enthusiast.

Gamza graduated with a degree in finance and credit with a specialization in securities and financial derivatives. He then also completed a master's program in banking and asset management.

He wants to have a hand in covering economic and fintech topics, as well as educate more people about cryptocurrencies and blockchain.