Blockchain

Bored Ape NFT Prices Plummet 90%: Are NFTs Doomed?

The value of Bored Ape NFTs has seen a drastic decline of 90%, dropping from a peak of 120 ETH to 10 ETH currently.

During the cryptocurrency bull run of 2021, Bored Apes Yacht Club (BAYC) NFTs soared in demand, becoming one of the most sought-after collections. However, they have since fallen victim to a broader decline in interest affecting the entire NFT market.

Despite initial excitement and endorsements from celebrities, the value of BAYC NFTs, along with other Ethereum-based collections, has dwindled due to diminishing retail interest and the emergence of new collections on platforms like Bitcoin and Solana.

In May 2022, each BAYC NFT was valued at $400,000 in Ether when Ether was trading at $3,000. Presently, the value of each Bored Ape NFT has plummeted to just over $30,000.

Data from CoinGecko indicates a stabilization around the $1 million mark in 2022, with ten individual wallets holding nearly 20% of this value. Additionally, Google search data suggests a decline in retail interest in Ethereum NFT collections, as investors shift their focus towards Solana and Bitcoin NFTs.

Despite the downturn in prices, BAYC remains a prominent NFT collection with a market capitalization of $340 million as of Tuesday.

Bored Apes consist of 10,000 unique digital monkey cartoon figures on the Ethereum blockchain. Holders of BAYC NFTs enjoy perks such as access to exclusive events and membership in a private online club, making them not just a digital asset but also a status symbol in the online world.

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