RIP.
Bored of Apes
Bored Ape NFTs have absolutely plummeted in value, dropping to multi-year lows this month.
The value of this once-booming collection of JPGs of lethargic simians, which sold for millions of dollars just a couple years ago, has cratered, selling for as little as $52,000 worth of Ethereum this month, Decrypt reports.
ApeCoin, the currency of Bored Apes maker Yuga Labs' virtual world, has also tanked in value, losing 93 percent of its $7.6 billion market cap in April 2022, per the report.
In short, Bored Apes have turned from a celebrity-endorsed status symbol into a depressing reminder that the NFT market still somehow exists in 2023 despite a precipitous drop in interest.
Class Action
Last week, CNBC reported that singer Justin Bieber's drab, hat-toting Bored Ape, which was once valued at $1.3 million in 2022, is now worth only around $60,000, making it a spectacularly terrible investment.
NBA star Stephen Curry's Bored Ape, which he bought for $180,000 worth of ETH in 2021, is now worth just under a third of that price.
Bieber, Paris Hilton, and Madonna, among other investors, filed a class-action lawsuit in December 2022, arguing that they were duped into buying the NFTs by other celebrities who didn't disclose they were financially invested.
And other NFT projects are doing even worse. The Bored Ape Yacht Club is still one of the most valuable NFT collections on OpenSea, and Bored Ape prices have recovered somewhat since earlier this month, as Decrypt reports — but collectors will now have to grapple with the fact that their once-coveted NFTs may end up leaving a huge hole in their pocketbooks.
More on Bored Apes: Yuga Labs Says Its Bored Apes Are Absolutely Copyrighted, Thank You Very Much
FAQs
Bored Apes were one of the most globally hyped NFTs in the last bull market, but have suffered amid a general lack of demand for NFT collections. The Bored Apes Yacht Club NFT collection experienced a significant price decline of over 90%, dropping from a peak of 120 ETH to just over 10 ETH.
Are Bored Apes losing value? ›
Despite the hype and celebrity endorsem*nts, the Bored Apes collection has seen a substantial decrease in value, with factors such as waning retail interest and the rise of newer collections on Bitcoin and Solana contributing to the decline.
How worthless are NFTs now? ›
Crypto marketing firm DappGambl estimates that 95% of NFT's on the market are now worthless.
How much are Bored Apes worth in 2024? ›
Market cap of Bored Ape Yacht Club NFTs worldwide 2022-2024
As of July 12, 2024, the market cap of Bored Ape Yacht Club NFT projects available on the Ethereum blockchain and listed on OpenSea was worth roughly 304 million U.S. dollars.
Is NFT still a thing in 2024? ›
The Current State of the NFT Market in 2024
The market has grown steadily, with sales volume and capitalization reaching new heights. Platforms like OpenSea, Rarible and new contenders like SuperRare 2.0 have become go-to places for trading NFTs. Art and music NFTs are still popular, but gaming NFTs dominate the scene.
Is it worth buying a Bored Ape? ›
Bored Ape Yacht Club definitely isn't a good investment, and it's also not even a realistic investment for most people. The prohibitive cost puts these NFTs out of reach for the average investor.
What does owning a Bored Ape give you? ›
The short version
Buying a Bored Ape doesn't just give you an NFT, it also gives you access to the Bored Ape Yacht Club, an exclusive online community. But while Bored Ape NFTs are going up in value, there's a a lot of hype surrounding NFTs and they might not be the best investment.
What is the most valuable Bored Ape? ›
Bored Ape Yacht Club #8817 is the most expensive monkey sold, going for a price tag of $3,408,000 at auction. The Bored Ape auctioned off in Ethereum cryptocurrency was named after the club's yacht club and featured a customized outfit.
How much was a Bored Ape originally? ›
As mentioned above, Bored Ape NFTs were first minted at a price of 0.08 ETH each, but that was only available for a short period of time upon the project's launch.
What killed NFTs? ›
The value of NFTs is often tied to the value of cryptocurrency, especially Ethereum. As the crypto market went through a downturn, so did the buying power for NFTs. This, paired with the decline of digital spaces like the metaverse, have meant that people simply are no longer interested in the digital token business.
For now, at least, the market's outlook remains grim. A 2023 report from crypto analysis firm dappGambl found that 95% of NFTs are worth practically nothing. The report found that, following the immense hype over NFTs between 2021 and 2022, around 79% of all NFT collections have remained unsold.
How much does 1 NFT cost? ›
NFT to USD
| Amount | Today at 4:10 pm |
|---|
| 0.5 NFT | $0.0045 |
| 1 NFT | $0.0091 |
| 5 NFT | $0.0453 |
| 10 NFT | $0.0906 |
4 more rowsCreated via an algorithm, there will only ever be 10,000 Bored Ape NFTs in circulation. As noted above, each Ape is unique. While it may share a feature, or several features, with other Apes, no two are identical. This drives BAYC's non-fungible nature, which is the key to NFT valuations.
What is the peak value of the Bored Ape? ›
As of May 1, Bored Ape Yacht Club's floor price hovered around 13.395 ETH, according to OpenSea, which would be worth nearly $40,000 at the time of publication. That's down from a peak floor price of 128 ETH on May 1, 2022, according to NFTPriceFloor, which would have been worth around $354,000 at that time.
Who owns Bored Ape 8817? ›
Hypebeast has an exclusive interview with Brandon Buchanana aka rhincodon who bought the rare Bored Ape #8817 at Sotheby's Metaverse auction for $3.4M, a record for the Bored Ape Yacht Club NFTs.
What is the point of having a Bored Ape? ›
Owners of a Bored Ape NFT are granted access to a private online club, exclusive in-person events, and intellectual property rights for the image.
Is the NFT value going down? ›
Has the value of NFTs dropped? Yes, the value of many NFTs has significantly declined following their initial surge. This drop is attributed to various factors, including market saturation, decreased speculative trading, and shifts in the broader economic environment.
Are NFTs worth anything now? ›
A 2023 report from crypto analysis firm dappGambl found that 95% of NFTs are worth practically nothing. The report found that, following the immense hype over NFTs between 2021 and 2022, around 79% of all NFT collections have remained unsold.
Are the monkey NFTs worth anything? ›
Among all, the most expensive NFT is a bored ape. The market NFT monkey art price is around 2090 ETH, or roughly $3408,000. Many business owners think that the Monkey NFTs will appreciate over time and are thus a wise investment. Whatever the cause, it's obvious that Monkey NFTs have become a thing of the moment!
