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As the NFT market continues to bleed, is there a recovery in sight

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The NFT market witnesses a significant downturn as Bored Ape Yacht Club (BAYC) NFTs experience a record-low floor price, leading to potential liquidation concerns.

The NFT market underwent a sharp decline, with Bored Ape Yacht Club NFTs facing a historic price drop.In recent months, the NFT market witnessed a gradual decline in interest and engagement. This downturn has been particularly noticeable over the past few weeks, as the decline in interest within the NFT sector has intensified, impacting various facets of the NFT space.According to ASXN’s data, one stark example of this market shift is the floor price of Bored Ape Yacht Club NFTs.

BendDAO adopts a method that calculates floor prices based on a time-weighted average, which positions the BAYC floor price at 25.02 ETH.In comparison, taking into account the other platforms, Blur and Opensea, we find their respective floor prices at 23.1 and 23.49 ETH. In an interesting parallel, ParaSpace, yet another marketplace, was also grappling with challenges.

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