As the wider crypto market crash becomes a catastrophe, the prices of Bored Ape Yacht Club NFTs (BAYC), have been in a downward trend for six consecutive days.
The crypto market crash has a significant impact not only on the crypto sector, but all other attributes as well, including NFTs. The Non-Fungible Tokens (NFT) market, including the BAYC NFTs which are one of the most popular and largest NFT collections, was largely affected.
BAYC has been a leading NFT player and its popularity has surpassed that of popular cryptocurrencies such Bitcoin (BTC), and Ethereum (ETH), in the last few weeks. The current crypto market slump has caused the prices for the BAYC NFTs to plummet in tandem with wider price drops within larger crypto markets.
Bored Ape Yacht Club performance
Despite both BTC NFTs (BAYC NFTs) and BTC nosediving, BAYC NFTs perform far worse than BTC or Ethereum (ETH). In the last six days, NFTs dropped by approximately 29%, while BTC is down 15.8% and ETH 13%, respectively.
Other popular NFTs are also affected. The JPG NFT Index has seen a huge drop of 26% in the past 6 days.
Other NFT collections that were nosediving included the Moonbirds NFT (down by 19% and 23%, respectively) and Otherdeed NFT. The NFT market will revert to bullish if the crypto market recovers.