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Bored Ape NFT Values Decline to August 2022 Figures, Falling 90% From Prior Peak – Is the NFT Market Facing a Downturn?
The prices of Bored Ape NFTs have fallen by 90%, dropping from an all-time high of 120 ETH to the current value of 10 ETH.
During the cryptocurrency bull market of 2021, Bored Apes Yacht Club (BAYC) NFTs emerged as one of the most sought-after collections but ultimately faced a decrease in demand that affected the entire NFT market.
Despite the initial excitement and endorsements from celebrities, the value of BAYC NFTs and other Ethereum-based NFT collections diminished due to a decline 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 Ether was priced at $3,000. Currently, the value of each Bored Ape NFT has decreased to just over $30,000.
Data from CoinGecko shows stability around the $1 million threshold in 2022, with ten individual wallets holding nearly 20% of this total value.
Google search data indicates a decline in retail interest in Ethereum NFT collections, while investors are shifting their focus towards NFTs on Solana and Bitcoin.
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The Rise and Fall to August 2022 Levels
In 2021, BAYC NFTs rapidly gained traction during the bullish market, with numerous celebrities reportedly purchasing the NFTs for over $300,000 each. For example, Justin Bieber acquired a “rare” Bored Ape valued at over $1.2 million.
Reports from Google suggest that Moonpay may have distributed Bored Apes to various individuals and celebrities to bolster investor confidence.
Despite the drop in NFT prices, BAYC continues to hold its status as a prominent NFT collection, boasting a market capitalization of $340 million as of Tuesday.
Bored Apes consists of 10,000 distinct digital monkey cartoon figures on the Ethereum blockchain.
BAYC holders receive various benefits, including access to in-person events and a private online club. Additionally, it serves as a means to display wealth online.
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