Bored Ape NFT Prices Plummet to August 2022 Levels, Down 90% From Previous High – Are NFTs Going to Zero?

Bored Ape NFT prices have now plummeted 90% from an all-time peak of 120 ETH to 10 ETH. During the 2021 cryptocurrency bull run, Bored Apes Yacht Club (BAYC) NFTs became one of the most in-demand collections, but ultimately succumbed to the decline in NFT demand that impacted the whole NFT market.Bored Apes is a collection of 10,000 unique digital monkey cartoon figures on the Ethereum blockchain. Despite initial hype and celebrity endorsements, BAYC NFTs and other Ethereum-based NFT collections‘ value have declined due to waning retail interest and new collections on Bitcoin and Solana.Each BAYC NFT was worth $400,000 in Ether in May 2022 when Ether was trading at $3,000. As of writing, the value of each Bored Ape NFT has dropped to just over $30,000.Google search data also suggests a waning retail interest in Ethereum NFT collections, while investors are turning towards Solana and Bitcoin NFTs. 

The Rise and Fall to August 2022 Levels

In 2021, BAYC NFTs quickly gained popularity in the 2021 bullish market, with several celebrities claiming to have purchased the NFT for over $300,000 each. For instance, Justin Bieber bought a “rare” Bored Ape worth over $1.2 million.Google reports suggest that Moonpay may have gifted the Bored Apes to some people and celebrities to raise investor confidence, however. Despite declining NFT prices, BAYC maintains its position as a leading NFT collection with a market capitalization of $340 million as of Tuesday.BAYC holders are granted benefits, such as access to in-person events and a private online club. On top of this, it’s a way to show one’s wealth off online.