The floor price of Bored Ape Yacht Club (BAYC) nonfungible tokens (NFTs) has fallen over 90% from its peak, down to 11.1 Ether — its lowest point since August 2021.

BAYC is now approaching a sub-10-ETH floor price after a 50% fall since March 1 alone, according to NFT Price Floor.

The Yuga Labs-backed NFT project launched in April 2021 — meaning its NFT price floor is now where it was four months after it launched.

The NFT collection’s fall from a peak of 128 Ether set on May 1, 2022, is part of an industry-wide decline in popularity for digital art NFTs.

However, it should be noted that a few BAYC NFTs have continued to sell significantly above their floor price, which is calculated by taking the lowest-priced NFT in a given collection. 

For example, BAYC #830 sold for 504.3 ETH ($1.92 million at the time) last month, while several other rare items have sold above 30 ETH in recent days.

The largest NFT collection by market cap, CryptoPunks, has also fallen from its peak floor price of 113.9 ETH, but only by 64%.

Meanwhile, industry commentators continue to ponder whether digital art NFTs can make a comeback.

Speaking to Cointelegraph, Shi Khai Wei, co-founder and chief operating officer of LongHash Ventures, argued that digital art NFTs “were never meant to exist on their own as projects,” and teams behind them should consider merging them with other verticals in the blockchain industry to be made useful.

“It is very hard to raise things without a clear vision of the brand and actual products behind it,” Wei explained.

However, NFTs can also be a “superpower” for blockchain-based projects that already integrate in-game economies and offer NFT ownership, Wei added.

“It is much easier if you already have a super clear vision. Here’s the game, here’s an infrastructure, here’s a chain, here’s a marketplace, and then you have your early adopter core community adopt [behind it].”

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