The Bored Ape NFT prices reached their all-time peak in 2021 during the cryptocurrency bull run, with each NFT being worth $400,000 in Ether at that time. However, they have since plummeted by 90% to just over $30,000 per NFT currently. This decline in value is attributed to a waning interest from retail investors and the emergence of new NFT collections on different blockchains like Bitcoin and Solana. Despite the initial hype and celebrity endorsements, the Bored Ape Yacht Club (BAYC) NFTs have suffered a significant drop in value.
Data from CoinGecko indicates that the Bored Ape NFT collection had a market capitalization of around $1 million in 2022, with ten individual wallets holding nearly 20% of this value. Additionally, Google search data suggests a decrease in retail interest in Ethereum-based NFT collections, with investors shifting their focus towards NFTs on other blockchains like Solana and Bitcoin. The decline in Bored Ape NFT prices is reflective of the overall trend in the NFT market, which has seen fluctuations in value based on market demand and investor sentiment.
In 2021, BAYC NFTs gained popularity rapidly during the bullish market, with several celebrities claiming to have purchased the digital assets for significant amounts. For example, Justin Bieber reportedly bought a “rare” Bored Ape NFT for over $1.2 million. Google reports suggest that Moonpay may have gifted Bored Apes to celebrities and others as a way to boost investor confidence in the collection. Despite the decrease in NFT prices, BAYC still maintains its position as one of the leading NFT collections, with a market capitalization of $340 million as of August 2022.
The Bored Ape NFT collection consists of 10,000 unique digital monkey cartoon figures that are minted on the Ethereum blockchain. Holders of BAYC NFTs are granted certain benefits, such as access to exclusive in-person events and a private online club. Additionally, owning a Bored Ape NFT serves as a status symbol online, allowing individuals to showcase their wealth and social status. While the decline in Bored Ape NFT prices may be concerning for some investors, the collection still retains value and significance within the broader NFT market.
Overall, the rise and fall of Bored Ape NFT prices to August 2022 levels reflect the volatility and changing dynamics of the NFT market. Despite the significant drop in value from their peak, BAYC NFTs continue to attract interest from collectors and investors, albeit at lower prices. The shift in investor focus towards NFTs on different blockchains and the overall market trends have influenced the value of Bored Ape NFTs, highlighting the importance of staying informed and adaptable in the dynamic world of non-fungible tokens.
