The Bored Ape Yacht Club, a prominent player in the NFT market on Ethereum, has experienced a significant decline in its floor price. Recent reports from Wu Blockchain reveal that the BAYC's floor price fell to 10.89 ETH, the lowest point since August 2021.

This substantial drop of 12.08% in a single day indicates a larger trend affecting Ethereum-based NFTs. The overall NFT market on Ethereum is facing challenges, with BAYC exemplifying the struggles within the sector. This decline may signal a shift in the digital asset landscape, prompting collectors and investors to reassess their approaches in light of changing market dynamics.