As some experts warn, if you bought Bored Ape NFTs at their peak, you’ve likely lost a bigger portion of your investment.
The price for these digital assets dropped dramatically, leaving many investors with heavy losses.
Decline in NFT prices, showcasing by the BAYC collection
The Bored Ape Yacht Club NFTs were once highly sought after, with prices rivaling those of luxury cars, but now, as the NFT market has faced ongoing challenges and fading hype, the price of these assets basically crashed.
The floor price for Bored Apes has fallen by around 93%, from a peak of $429,000 in April 2022 to just $27,600.
In ETH terms, the situation isn’t better a bit, the price dropped by 91%, from 152 ETH to 11 ETH.
Not just the apes, but almost everything
The decline in Bored Ape prices reflects the challenges facing the whole NFT market.
Trading volumes are near record lows, especially after NFT marketplace OpenSea disclosed that it had received a Wells notice from the SEC, meaning a potential legal action against them.
The Bored Ape collection has been a significant part of OpenSea’s trading volume, with around 2 million ETH worth of Ape trades facilitated on the platform in the past years.
NFT market is down bad, but what about the ecosystem?
As the NFT market struggles, some companies that were heavily invested in the Ape ecosystem also shifted their focus.
Tally Labs, which created a storyline and universe around a personified version of Bored Ape #1798, just announced that it will no longer spend money on new or existing projects.
I’m Blake Chasen, but most of you know me as Jenkins the Valet, the character that I created more than three years ago.
Most of you have heard a lot over the years from Jenkins the Valet, but you haven’t heard directly from me. I’m writing today because in this post I want to…
— Jenkins The Valet 🍌 (@jenkinsthevalet) September 3, 2024
The company’s CEO expressed optimism about the potential for Bored Ape projects to find new opportunities in the future, but acknowledged that the current market conditions aren’t favorable at all.
The decline of Bored Ape prices also could have ripple effects throughout the NFT space, as investors and companies reevaluate their involvement in the market now, as it doesn’t seem as lucrative as before.
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