The Bored Ape Yacht Club (BAYC) collection is grappling with a significant downturn as its floor price sinks to a mere 11.1 ETH, marking a staggering 90% decline from its peak witnessed during the fervent NFT bull market.

According to data from NFT Price Floor, the floor price of Bored Ape Yacht Club (BAYC) nonfungible tokens (NFTs) has plummeted over 90% from its zenith, settling at 11.1 Ether (ETH), a level not seen since August 2021. The decline has been particularly steep, with a precipitous 50% drop since March 1 alone, signaling a tumultuous period for the famed NFT collection.

Launched in April 2021 with the backing of Yuga Labs, the BAYC project's NFT floor price has regressed to a level akin to its status merely four months post-launch, underscoring the severity of the current downturn. This downward trajectory stands in stark contrast to the meteoric rise witnessed in previous years.

The NFT collection's descent from its peak of 128 Ether, set on May 1, 2022, mirrors a broader decline observed across the digital art NFT landscape, indicative of waning enthusiasm and interest in this once-booming sector.

Nevertheless, amidst the prevailing gloom, certain BAYC NFTs have managed to defy the trend, commanding prices well above the floor price. For instance, BAYC #830 exchanged hands for a staggering 504.3 ETH last month, highlighting the continued allure of rare and sought-after items within the collection.

Similarly, industry giant CryptoPunks has experienced a decline in its floor price, albeit less severe than that of BAYC, dropping by 64% from its peak of 113.9 ETH.

Amidst speculation regarding the potential resurgence of digital art NFTs, industry insiders like Shi Khai Wei, co-founder, and chief operating officer of LongHash Ventures, emphasize the importance of integrating NFT projects with other blockchain verticals to enhance utility and longevity. Wei asserts that NFTs, when integrated with in-game economies and robust infrastructure, can serve as a potent tool for blockchain-based projects, offering a clear path to sustained adoption and success.