Are NFTs Dead? Famous Bored Ape NFT Drops 90% Since Its Previous High In 2022

The price of the Bored Ape NFT has suffered a dramatic 90% drop, falling from a historic high of 120 ETH to just 10 ETH currently.

During the cryptocurrency boom of 2021, NFTs from the Bored Apes Yacht Club (BAYC) emerged as one of the most sought-after collections but have since seen a sharp decrease in demand affecting the entire NFT market.

Despite early enthusiasm and endorsements by celebrities, the value of BAYC NFTs, along with other Ethereum-based NFT collections, has decreased due to diminishing interest from retail investors and the emergence of new collections on the Bitcoin and Solana blockchains.

In May 2022, each BAYC NFT was valued at $400,000 in Ether, with Ether’s price at $3,000. Currently, the value of each Bored Ape NFT has plunged to just above $30,000.

According to CoinGecko, there was a stability in the market around the $1 million mark in 2022, with ten individual wallets controlling nearly 20% of this value.

Google search trends also indicate declining interest in Ethereum-based NFT collections as investors shift their focus towards NFTs on the Solana and Bitcoin platforms.

Despite 90% Drop, Bored Ape NFT Still Leads The NFT Collection

In the bullish NFT market of 2021, Bored Ape Yacht Club (BAYC) NFTs surged in popularity, attracting several high-profile celebrities who paid upwards of $300,000 for individual pieces. Notably, Justin Bieber acquired a Bored Ape valued at over $1.2 million, described as “rare.”

Reports by Google indicate that Moonpay may have given Bored Apes to various individuals and celebrities to boost investor confidence.

Despite a downturn in NFT prices, BAYC has sustained its status, boasting a market capitalization of $340 million as of Tuesday (April 16).

Bored Apes consists of 10,000 distinctive digital monkey cartoon figures on the Ethereum blockchain.

Ownership of a BAYC NFT offers several privileges, including access to exclusive in-person gatherings and a private online club, additionally serving as a digital symbol of wealth.

A Few Bored Ape NFTs Are Still Selling High

It is important to recognize that certain BAYC NFTs are still achieving sales well above their baseline price, which represents the minimum price of any NFT within the collection.

Recently, BAYC #830 fetched a price of 504.3 ETH, equivalent to $1.92 million, while other scarce pieces in the collection have surpassed the 30 ETH mark in the past few days.

Meanwhile, CryptoPunks, the most valuable NFT collection in terms of market capitalization, has experienced a decline from its highest floor price of 113.9 ETH, dropping by 64%.

According To Expert, Digital Art NFTs Were Never Meant To Exist On Their Own

As industry experts continue to speculate on the potential resurgence of digital art NFTs, Shi Khai Wei, co-founder and chief operating officer of LongHash Ventures, shared insights in an interview. Wei emphasized that digital art NFTs were not designed to function independently within the market. Instead, he suggested that the success of these projects could be enhanced by integrating them with other sectors of the blockchain industry to increase their utility.

Wei pointed out the challenges of garnering support for projects lacking a well-defined brand and concrete products. Nonetheless, he also highlighted the potential advantages of NFTs when combined with blockchain projects that incorporate in-game economies and NFT ownership. According to Wei, projects with a clear vision, such as a defined game, infrastructure, blockchain, marketplace, and a dedicated early adopter community, find it considerably easier to succeed.