Key Points
The floor price of Bored Ape Yacht Club (BAYC) recently dropped below 11 ETH, according to data from Blur. By the end of Q1 2024, the NFT sector witnessed a trading volume of nearly $4 billion, showing a 50% increase compared to Q4 2023.
Based on data from Blur, the floor price of Bored Ape Yacht Club fell below 11 ETH but quickly rebounded. At one point, it went down to 10.89 ETH, representing a decline of 12.08% and more than 90% from its all-time high.
According to CoinGecko, the current price of BAYC is 11.09 ETH. It ranks as the third highest NFT collection in terms of market capitalization.
Bored Ape Yacht Club is a collection of non-fungible tokens (NFTs) built on the Ethereum blockchain using the ERC-721 standard. Each digital character in the collection, featuring cartoon apes, is unique and generated procedurally by an algorithm with over 170 potential traits.
With a total market cap of nearly 111k ETH, BAYC combines digital collectibles with an exclusive online club, providing members-only benefits. NFT holders have full rights to commercialize their tokens and access restricted areas of the Yacht Club by holding their Bored Ape in their Metamask NFT wallet.
NFT Market Sees Strong Performance in Q1 2024
During Q1 2024, the NFT market demonstrated promising growth, marking its best performance since Q1 2023. As Bitcoin reached new all-time highs, the NFT sector recorded substantial progress, culminating in a trading volume close to $4 billion by the period's end.
NFT volume and sales data for the first quarter of 2024 illustrate the sector's robust performance over the past months. Blur maintains its position as the leading platform with a 50% market share, followed by Magic Eden at 17%, according to DappRadar.
In contrast, OKX NFT Marketplace, the Q4 2023 runner-up, experienced a significant drop in trading volume by 53%, indicating shifting user interests influenced by Bitcoin Ordinals.
The nearing Bitcoin halving on April 20 adds to market volatility, reflecting broader industry trends. Despite this, positive news emerged as Hong Kong approved the issuance of the first Bitcoin and Ethereum ETFs, stimulating optimism within the crypto landscape.
