Subscribe to our newsletter and stay informed

Check out our list of top companies

Check out our carefully compiled lists of the most relevant and impactful companies within their fields.

Check out our list of top unicorns

Read and learn about the biggest companies that various countries have produced, how they made it, and what the future looks like for them.

Bored Ape NFT Prices Plummet 90%, Sparking Concerns

Bored Ape NFT market witnessed a staggering 90% nosedive, plunging from its peak of 120 ETH to a mere 10 ETH presently
April 16, 2024

The meteoric rise and subsequent steep fall of Bored Ape NFT prices have sent shockwaves through the cryptocurrency community. From soaring to an all-time high of 120 ETH, these digital assets have now plummeted to a mere 10 ETH, marking a staggering 90% decline.

During the heady days of the 2021 cryptocurrency bull run, Bored Apes Yacht Club (BAYC) NFTs emerged as the epitome of digital collectibles, drawing frenzied demand and lofty valuations. However, as the tides turned and retail interest dwindled, the once-coveted BAYC NFTs, along with other Ethereum-based collections, saw their values erode, reflecting a broader slump in the NFT market.

At the peak of the frenzy in May 2022, each BAYC NFT commanded a princely sum of $400,000 in Ether, corresponding to Ether's trading price of $3,000. Fast forward to the present, and the value of these whimsical digital assets has dwindled to just over $30,000.

Market data from CoinGecko paints a vivid picture of the swift decline, with stability hovering around the $1 million mark in 2022. Notably, the concentration of wealth in the hands of a few, with ten individual wallets holding nearly 20% of the total value, underscores the volatility and speculative nature of the NFT market.

While Google search trends highlight a palpable waning of retail interest in Ethereum NFT collections, there's a discernible shift towards Bitcoin and Solana NFTs among investors seeking new opportunities in the burgeoning digital art landscape.

Despite the downturn, BAYC stands resilient, maintaining its status as a premier NFT collection with a market capitalization of $340 million as of the latest reports. Rooted in the Ethereum blockchain, Bored Apes represent a collection of 10,000 unique digital monkey cartoon figures, each imbued with distinct characteristics and traits.

For BAYC holders, ownership extends beyond mere possession of digital assets, offering exclusive privileges such as access to in-person events and membership in a prestigious online club, serving as a testament to their status and affluence in the virtual realm.

More about:  | |

Last related articles

chevron-down linkedin facebook pinterest youtube rss twitter instagram facebook-blank rss-blank linkedin-blank pinterest youtube twitter instagram