- Interest in NFTs starts to wane across the crypto sector. Yuga Labs’ BAYC and MAYC get severely impacted.
- ApeCoin’s price declines significantly, and network growth and velocity follow suit.
The introduction of Bitcoin Ordinals sparked a rally in the NFT market, leading to significant growth of various NFT collections. These included the Yuga Labs cohort. However, at the press time, there appeared to be a decline in interest within the NFT sector.
Realistic or not, here’s APE’s market cap in BTC’s terms
It’s all crashing down
Based on NFTGO’s data, the NFT market experienced a significant decline within the past 24 hours, primarily influenced by the Azuki incident. Since Azuki’s Elemental collection dropped, the overall Azuki collection experienced an 11% decline in floor price, falling below 6 ETH.
Moreover, Bored Ape Yacht Club (BAYC) witnessed a 16% decrease, dropping below the 30 ETH mark in terms of its floor price. On the other hand, Mutant Ape Yacht Club (MAYC) fell by 20%, falling below 5 ETH.
In terms of volume, BAYC’s collection observed a decline of 36.50% in the last 24 hours. Whereas the MAYC collection saw a similar decline in the number of whale addresses holding the collection. Over the last week, the number of whales holding the MAYC collection fell by 13.83%.
Due to these factors, the overall market value of the NFT sector plunged by 53% over the past year. This reached a total of 3.33 million ETH.
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Author: Himalay Patel
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