Bored Ape NFT prices have experienced a significant decline, dropping by 90% from their peak of 120 ETH to 10 ETH. This decline is reflective of the overall decrease in demand for NFTs in the market.
Bored Apes Yacht Club (BAYC) NFTs gained immense popularity during the cryptocurrency bull run in 2021. However, they were unable to sustain this momentum and were affected by the general decline in NFT demand.
The Bored Apes collection consists of 10,000 unique digital monkey cartoon figures that exist on the Ethereum blockchain. Despite initially generating a lot of hype and receiving endorsements from celebrities, the value of BAYC NFTs, as well as other Ethereum-based NFT collections, has decreased due to a decrease in retail interest and the emergence of new collections on Bitcoin and Solana.
In May 2022, each BAYC NFT was valued at $400,000 in Ether when the price of Ether was $3,000. Currently, the value of each Bored Ape NFT has dropped to slightly over $30,000.
Search data from Google also indicates a decline in retail interest in Ethereum NFT collections, with investors now turning their attention towards Solana and Bitcoin NFTs.
The rise and subsequent fall of BAYC NFTs can be traced back to the bullish market of 2021. During this time, the popularity of BAYC NFTs soared, and several celebrities claimed to have purchased them for prices exceeding $300,000. For example, Justin Bieber bought a “rare” Bored Ape NFT for over $1.2 million. However, there are reports suggesting that Moonpay may have gifted Bored Apes to certain individuals and celebrities in order to boost investor confidence.
Despite the decline in NFT prices, BAYC maintains its status as a leading NFT collection, with a market capitalization of $340 million as of Tuesday. BAYC holders enjoy various benefits, including access to in-person events and a private online club. Additionally, owning BAYC NFTs serves as a way for individuals to showcase their wealth online.
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