Key Points
- Bored Ape Yacht Club (BAYC)’s floor price dropped below 11 ETH, according to data from Blur.
- Q1 2024 sees the NFT sector hitting a trading volume of a little under $4 billion, up by 50% since Q4 2023.
According to the latest Blur data, the floor price for Bored Ape Yacht Club dropped below 11 ETH but rapidly managed to bounce back. Earlier, it fell to 10.89 ETH, by 12.08%. This meant a drop of over 90% from its historical high.
Data from CoinGecko shows that the current price of BAYC is at 11.09 ETH.
Bored Ape Yacht Club is the third collection of NFTs in terms of market cap.
This is a non-fungible token collection built on the Ethereum blockchain with the ERC-721 standard. The collection features profile pictures of cartoon apes that are procedurally generated by an algorithm.
BAYC has a total market cap of almost 111k ETH.
The collection combines digital collectibles with a members-only online club. Each collectible is a unique digital character that uses over 170 possible traits, including the ape’s clothing, expression, and headwear.
A Bored Ape is also a membership card to the online Yacht Club and has members-only benefits. The value of the benefits depends on how much you are in this concept as a whole.
A more important benefit is that NFT holders have full commercialization rights to their NFTs.
The NFTs service as a digital identity and get users access to members-only areas of the Yacht Club. To access the areas, token holders have to be signed into their Metamask NFT wallet, where they have stored their Bored Ape.
NFTs see the best-performing quarter since Q1 2023
Q1 2024 was marked by Bitcoin reaching new ATHs, and the NFT market has also seen its best performance since the beginning of 2023.
The first quarter of 2024 is about to close, and it was marked by a significant surge in the NFT market. According to official data from DappRadar, by the end of Q1 2024, the NFT sector managed to hit a trading volume of just a little under $4 billion.
This was an increase of about 50% since Q4 2023. This quarter has been the best-performing one since the beginning of last year in terms of NFTs.
The NFT global sales volume in the past month was approximately $1.1 billion, while during the past 24 hours, it saw $34 million.
Regarding the NFT marketplace landscape, Blur continues to remain the leader in trading volume with a 50% market share, and it’s followed by Magic Eden, which is currently holding a 17% share, according to data from DappRadar.
In Q4 of 2023, OKX NFT Marketplace was in the second spot with a trading volume of $1 billion. Now, it saw a drop of 53%.
The change is correlated with a shift in user interest, as Bitcoin Ordinals saw it drop a bit – this was highly responsible for the OKX Marketplace’s success.
We’re just 3 days ahead of the Bitcoin halving, which is scheduled for April 20, and the markets continue to experience high volatility, mirrored by most sectors.
However, the other day, the crypto industry received an optimism injection coming from Asia with Hong Kong approving the first batch of Bitcoin and Ethereum ETFs.