BAYC And Other Blue-chip NFTs Are Also Affected by Crypto Collapse

Crypto statistics show that as of March 2022, there are over 300 million people using cryptocurrencies and 80 million blockchain wallet users worldwide.

 

Blue-chip NFT collections such as Bored Ape Yacht Club have found themselves the primary targets of the recent cryptocurrency collapse. As the most visible NFT collection to date, BAYC has vastly outpaced its competitors, if not most of the crypto market. Although, like all companies, BAYC’s high in the market has come to an abrupt end …… but for how long?

 

BAYC Suffered Plunge Too

According to DappRadar, BAYC’s average sales price plunged 29% since last week. While transactions have slowed by 21%, and user numbers are down 27%.

 

Coming off an all-time high in April, Yuga Labs BAYC NFT collection has typically fared better than the rest of the NFT market. As the BAYC community continues to battle its share of downtrends, Yuga Labs plans to bounce back after their last upset.

 

Meanwhile, the average sales price for the Otherdeeds NFT collection by Yuga Labs sank 23% in the last seven days. In addition, the BAYC native token ApeCoin is also down about 36% this week.

 

However, BAYC’s recent fall from favor reflects a broader trend spreading across the marketplace for nonfungible tokens. For example, the JPG NFT Index, which provides exposure to an expansive basket of NFTs, fell by about 26% this past week. Moreover, NFT-backed loans, which allow borrowers to put up their digital artwork as collateral to obtain funds, may also contribute to the recent nosedive in NFT sales.

 

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Bitcoin and ETH Take Dramatic Turnaround

In addition, significant cryptocurrencies have seen a drastic dive in prices as Bitcoin down nearly 18% over the past week. While those who bought last November saw Bitcoin fall by 50% from its all-time high. While Ether has taken a similar hit of 15%, bringing the price to a significant price point below its last resistance. Moving forward, the crypto and NFT market remains as volatile as ever. However, NFT buyers are optimistic as many take advantage of these downward trends to pursue worthwhile projects.

 

As always, be vigilant!