The Bored Ape Yacht Club (BAYC), a renowned collectionof 10,000 unique NFTs, has experienced a significant decline in its floor price, dropping from a peak of 150 ETH to a mere 8 ETH. This article delves into the current state of BAYC and explores the factors that have contributed to its downfall.

The Current Situation

The BAYC floor price has continuously declined from its 2022 peak, reaching a current level of 8 ETH.

The BAYC has a market cap of 88,082 ETH and a trading volume of 705 ETH in the last 24 hours.

The collection has a total of 9,998 ETH and 5,465 unique owners.

The Rise and Fall of BAYC

Bored Ape Yacht Club was once a highly sought-after NFT collection, with celebrities and major companies alike joining the exclusive club. The most expensive BAYC NFT was sold for a staggering $3.4 million, and the floor price reached an astounding 150 ETH at its peak.

However, the NFT market has been experiencing a prolonged stagnation, and BAYC has not been immune to this trend. The floor price of BAYC has declined by 40% in the last three months, mirroring the 48% drop in the Cryptopunk collection's floor price.

Factors Contributing to the Downfall

Market Conditions: The overall decline in the NFT market has had a significant impact on the BAYC collection.

Yuga Labs' Decisions: The parent company of BAYC, Yuga Labs, has made several questionable decisions, such as acquiring new collections and releasing a large number of units, which have contributed to the downward spiral.

Leadership Changes: The departure of Gordon Goner, the founder of Yuga Labs, was a significant blow to the community and the company.

Questionable Acquisitions and Airdrops: Yuga Labs' acquisition of Moonbirds NFT, which faced allegations of insider trading, and the limited airdrop to the CryptoPunks collection, which was criticized as "woke," have also eroded the trust of the BAYC community.

The Way Forward

Despite the current challenges, analysts are optimistic about the future of BAYC. The project's strong brand recognition and the potential for a comeback in the near future suggest that BAYC may still have a bright future ahead.