Bored Ape Yacht Club NFTs Hit 20-Month Low Amid Market Downturn

Yuga Labs’ Bored Ape Yacht Club (BAYC) NFT collection, which quickly gained popularity after its launch, experienced a slump as its base price hit a 20-month low of 27.4 ETH within the day. Is the NFT Frenzy Ending? The adoption of blockchain technology and cryptocurrencies by larger audiences over the years has resulted in the emergence of many new ecosystems within the crypto industry. NFTs reached significant popularity, particularly in 2021. During this time, the base prices of some popular NFTs hit exceedingly high levels, and a large number of new collections were introduced in the NFT ecosystem. However, despite NFTs turning into a huge craze in a short time, the bottom prices and trading volumes of NFT collections recorded significant declines as the crypto market entered a strong downtrend towards the end of 2021. Particularly, many collections that had gained popularity due to the NFT craze, and lacked artistic […] The post Bored Ape Yacht Club NFTs Hit 20-Month Low Amid Market Downturn appeared first on COINTURK NEWS.