Bored Ape floor price plummets amid game launch and NFT crash

Over the weekend, the floor price for NFT maker Yuga Labs’ Bored Ape Yacht Club and Mutant Ape Yacht Club collections plummeted, as NFT floor prices continue to crash across the board.  

The floor price for Bored Ape Yacht Club fell from 38 ether ($73,000) on Friday to less than 28 ether ($53,500) on Sunday, before recovering to 30 ether ($57,000), according to data from OpenSea. 

Similarly, Mutant Ape Yacht Club fell from 7.5 ether ($14,500) on Friday to less than 5 ether ($9,400) on Sunday, before recovering to 5.4 ether ($10,300).

BendDAO, a protocol that allows for loans against NFTs, currently has 27 Bored Apes and 25 Mutant Apes up for auction.

Shortly before the weekend Bored Ape crash, Yuga Labs launched HV-MTL. It plans to be the new successor to Dookey Dash, where people were able to burn their Sewer Pass to receive an Evo 1 Mech that allowed them to access a new game to craft a “Forge” that other players will vote on to decide which is best.

This rapid Bored Ape crash comes shortly after the team behind the popular Azuki NFTs issued a new collection that was criticized for having very similar artwork to their previous collection. This release resulted in a ~60% floor price crash over the last week.  

Currently on BendDAO, there are six Azuki NFTs being auctioned.

These crashes exist in a longer pattern of decreasing NFT prices, with Bored Apes crashing 67% from 88 ether to 29 ether over the last year.

Over the same time period, Mutant Apes has plummeted 68%, from 16.5 ether to 5.2 ether.