The value of the Bored Ape NFT has seen a steep decline of 90%, falling from its current high of 120 ETH to just 10 ETH.
During the 2021 cryptocurrency bull market, the Bored Apes Yacht Club (BAYC) NFT has soared in demand, becoming one of the most popular collections. However, they have since fallen victim to a broader decline in interest that has affected the entire NFT market.
Despite initial excitement and endorsements from celebrities, the value of BAYC NFTs, along with other Ethereum-based collections, declined due to declining retail interest and the emergence of new collections on platforms like Bitcoin and Solana.
In May 2022, when Ether was trading at $3,000, each BAYC NFT was valued at $400,000 in Ether. Currently, the value of each Bored Ape NFT has plummeted to just over $30,000.
It has stabilized at around $1 million in 2022, with 10 private wallets holding nearly 20% of this value, according to data from CoinGecko. Additionally, Google search data suggests retail interest in Ethereum NFT collections has declined as investors shift their focus to Solana and Bitcoin NFTs.
Despite the price drop, BAYC remains a prominent NFT collection, with a market capitalization of $340 million as of Tuesday.
Bored Apes consists of 10,000 unique digital monkey cartoon figures on the Ethereum blockchain. BAYC NFT holders enjoy perks such as access to exclusive events and private online club memberships, making it not only a digital asset but also a status symbol in the online world.