Bored Ape ETH NFT Price Dropped By 32%: Price Analysis

The Bored Ape ETH NFT Price dropped by 32% and the floor price also dropped after the Otherside land sale so let’s read more today in our Ethereum news today.

The floor price for a Bored Ape Yacht Club NFT fell dramatically since Saturday’s Otherside land sale. The price of the cheapest available BAYC NFT dropped by 32% since Friday which is a drop of more than $135,000. the prices surged ahead of the Saturday mint of NFT land for Otherside which is a Bored-Ape themed metaverse game.

A week, before Saturday’s mint for NFT land dor the upcoming Otherside metaverse game and everything were looking up in the BAYC ecosystem and the price of ApeCoin was surging while NFTs themselves increase to record prices and got sold briskly. While the land offering was a smashing success in terms of trading with $1 billion to date between the initial mint and the secondary sales and now there’s been a downturn. The backlash to Yuga Labs’ sale format was swift and APE’s price tanked and now the original Bored Ape ETH NFT price dropped to its lowest point since March.

The cheapest available Bored Ape NFT on OpenSea is listed for 105 ETH or about $292,000 which is a huge drop from the record price of 152 ETH or about $429,000 and it is a drop of almost $137,000 in a matter of a few days and the hype was cooled off quite fast. The NFT ecosystem was wild last week before the Otherside NFT sale which granted holders virtual land in the game. Apecoin’s price popped as a result while some people spent a lot of money on Bored apes as they will be granted a free Otherdeed for owning one.

After the sale, the momentum slowed and APE is down by 45% from the peak price last week and the floor price for the NFT is now down by 32%, and according to the data from the NFT price Floor it is the first time in a month that bored Apes were available for under $300,000 since March 22. the Bored Ape Yacht Club is a valuable project and even at the floor price, the combined value of 10,000 NFTs stands at $2.9 billion. Per NFT price Floor, this is the biggest combined floor value of any NFt project and rises above Mutant Ape, Moonbirds, and CryptoPunks.

Most of the NFTs are seen as desirable and rare and will sell for more than $292,000 worth of ETH and some Bored Apes even sold for over $1 million apiece. The NFT works like a deed of ownership to an a digital item like a profile picture or illustration of the disinterested ape. Each BAYC NFT has a unique set of features and owners can use the images to create products and projects when ownership comes with other benefits such as merch, access to events, and free additional NFTs.