Bored Apes Yacht Club NFTs See 90% Decline in Value
Once at the apex of crypto trends, Bored Apes Yacht Club NFTs have witnessed a significant drop in value.
April 16, 2024
The Falling Star of Bored Apes
In what was a buzzing trend in 2021, Bored Apes Yacht Club (BAYC) NFTs have seen their value plummet, illustrating the crypto market's volatility. The minimum price for a Bored Ape is now slightly above 10 ETH, a drastic fall from the 120 ETH average in May 2022.
Shifting Trends in NFT Markets
The downturn aligns with dwindling retail enthusiasm for Ethereum-based NFTs, while newer collections on Bitcoin and Solana garner increasing interest. Noteworthily, BAYC's digital artwork prominence, including for celebrity showcases, has not prevented a nearly 90% drop in price.
Market Dominance Despite Decline
Despite these challenges, Bored Apes Yacht Club remains the leading Ethereum NFT collection by market cap. However, allegations of celebrities receiving gifted NFTs from crypto services company MoonPay may have impacted investor sentiment, which MoonPay contests.
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