In summary
- Prices for Bored Ape Yacht Club NFTs once rivaled new Ferraris, but have now fallen to the level of your average second-hand car.
- In 2021 and 2022, the Bored Ape Yacht Club collection represented the potential of NFTs as an emerging asset class that blended community and art.
- Apes prices have dropped by approximately 93% to $27,600, according to Crypto Slam, and in terms of ETH, the floor price has decreased by 91% from 128 ETH to 11 ETH.
Prices for Bored Ape Yacht Club NFTs once rivaled those of fresh-off-the-line Ferraris. Today, they have fallen to the level of an average second-hand car.
As digital assets skyrocketed in 2021 and 2022, the Bored Ape Yacht Club collection represented the potential of NFTs as an emerging asset class that blended community and art. In the crypto world, Apes were lauded as digital status symbols that existed at the cutting edge of technology.
When the collection’s creator, Yuga Labs, hinted at details about its upcoming Otherside game, which is still in development, the Bored Apes market was in turmoil. At the time, Apes reached a maximum low price of 152 ETH, or $429,000, in April 2022.
Since then, the NFT market has faced continued headwinds as excitement wanes and NFT trading volumes approach all-time lows. While Apes may still be considered a “blue chip” when it comes to profile pictures, their decline shows no signs of reversing anytime soon.
Compared to the collection’s all-time low price, also known as the “floor price,” Ape prices have dropped by approximately 93% to $27,600, according to Crypto Slam. In terms of ETH, the collection’s floor price has decreased by 91%, from 128 ETH to 11 ETH.
Furthermore, the NFT space’s troubles escalated last week when former NFT market leader OpenSea revealed that it had received a notice from Wells, indicating that the Securities and Exchange Commission is preparing to sue. As for OpenSea’s adoption of Apes, the platform has facilitated around 2 million ETH in Apes volume.
The price of an Ape briefly rose after falling to multi-year lows last month. Amid a global market sell-off in August, the base price of the collection fell to $20,000. However, after rising to $39,000, it has since fallen back to where it was before the crash.
Meanwhile, several companies that dove headfirst into the Ape world have changed direction. That includes Tally Labs, which once created an expansive universe and story around Jenkins the Valet, a personified version of Bored Ape #1798.
Tally Labs launched a project called The Writers Room, which allowed holders of an associated NFT project to dictate elements of the narrative. This led to the creation of an Ape-centric novel written by Neil Strauss, a New York Times bestselling author.
In a blog post this week, Tally Labs CEO Blake Chasen wrote that the project would no longer allocate resources to new or existing projects. One of Tally Labs’ primary goals was to establish a way for people to license their NFTs as intellectual property for mainstream stories.
“I think there is a world where ETH NFTs make a comeback, and the early role these projects played (and their vast history) will make them attractive for new IP opportunities,” Chasen wrote. “But that’s not the case today.”
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