The Bored Apes Yacht Club NFT collection experienced a significant price decline of over 90%, dropping from a peak of 120 ETH to just over 10 ETH. This decline reflects a broader waning interest in Ethereum-based NFT collections.
Despite the hype and celebrity endorsem*nts, the Bored Apes collection has seen a substantial decrease in value, with factors such as waning retail interest and the rise of newer collections on Bitcoin and Solana contributing to the decline.
Digital artwork that was once the talk of the town is now selling at a 90% haircut compared to prices during its peak popularity in 2021, showcasing the fragility associated with viral crypto trends.
The minimum price of the non-fungible token (NFT) collection, Bored Apes Yacht Club (BAYC), is just over 10 ether (ETH) as of Tuesday, a stark drop from a lifetime average of 120 ether in May 2022.
It’s roughly the same decline in dollar terms as well. Ether was worth around $3,000 in May 2022 as it is in Asian morning hours on Tuesday – meaning a single NFT was worth over $400,000 then compared to just over $30,000 as of writing.
Data from CryptoSlam shows trading volumes have generally remained around the $1 million daily mark since 2022. Nearly 20% of the collection is held by ten individual wallets.
:format(jpg)/cloudfront-us-east-1.images.arcpublishing.com/coindesk/AGWZBKGQ75DU7JT6SS4B64A26A.png "Bored Ape NFT Prices Tank to August 2022 Levels, Down 90% From Peak (1)")
The decline comes alongside generally waning retail interest in Ethereum NFT collections, Google search data suggests. Meanwhile, newer collections on Bitcoin and Solana have started to gain more interest among investors.
The rise of the apes and subsequent decline
Bored Apes is a collection of 10,000 digital monkeys on the Ethereum blockchain. It features pictures of cartoon apes procedurally generated by an algorithm. Each monkey has certain traits—some more rare than others—that give it value.
Owners are granted certain benefits, such as access to a private online club or in-person events. Using the NFT for a profile picture is also prominent as a show of wealth online.
Bored Apes amassed quick popularity in the 2021 bull market, with several prominent celebrities claiming to purchase the NFTs for over $300,000 apiece. Popular rappers performed with their Bored Apes on virtual worlds, while singer Justin Bieber bought a Bored Ape deemed “rare” for over $1.2 million.
However, in June 2023, reports suggested that crypto services company MoonPay may have gifted the Bored Apes to some of those celebrities, likely denting investor confidence. MoonPay denied the claims at the time.
As such, Bored Apes remains the top Ethereum NFT collection as of Tuesday, with a $340 million market capitalization.
Edited by Pariksh*t Mishra.
