As the cryptocurrency market struggles, the well-known Ethereum NFT collection hits a low entry price not seen since last August. Bored Ape Ethereum NFTs Drop Below $100K for First Time in Almost a Year. So how much is a bored ape NFT now? Are they still expensive?
For the first time since August 2021, the floor price, or starting price, for a Bored Ape Yacht Club NFT, has dropped below $100,000.
Since late April, when Bored Apes launched at roughly $429,000, it has decreased by 78%.
Celebrities buying bored ape illustrations and seven-figure sales have made the Bored Ape Yacht Club a key symbol of rising valuations in the NFT market. However, the collection of Ethereum profile pictures now demonstrates just how much NFT demand has decreased amid a broader crypto market collapse.
According to NFT Price Floor, the current price for a Bored Ape Yacht Club NFT, or the least expensive item marketed on a secondary market, is $96,469, or 80 ETH. Data from the website show that the price dropped overnight to as little as $91,741.
In less than two months, the price of a basic Bored Ape NFT has decreased by roughly 78% in terms of dollars. On April 29, the day before Yuga Labs, the developer of the game Otherside and the Bored Ape, began its NFT virtual land sale, the floor price reached a record high of approximately $429,000 (152 ETH). Owners of Bored Ape had the option of claiming free plots as NFTs.
Since then, there has been a 47% decrease in the collecting of ETH. That's still a big number, but it also shows how much the declining value of Ethereum has affected the prices of NFT collections. Since the collection's price skyrocketed alongside the larger NFT market in August 2021, The Bored Ape Yacht Club has not experienced a floor price below $100,000.
Over the past month, every large NFT collection has experienced a significant value loss. Bored Apes have lost 54% of their value in the previous 30 days when measured in USD, while CryptoPunks have lost 48%, and the more recent Moonbirds have lost 62%.
One of the most well-known and prosperous collections in the NFT field is The Bored Ape Yacht Club. According to CryptoSlam, the initial collection of 10,000 profile photographs with randomly generated attributes has so far generated more than $2.2 billion in trading activity, with additional collections and related projects increasing that total.
Celebrities like Snoop Dogg, Jimmy Fallon, and Madonna have all expressed interest in the concept, which led Yuga Labs to secure a $450 million fundraising round in March at a $4 billion value.
The recent sharp price declines and dwindling trade volume, however, demonstrate that not even apes are immune to market problems. The original Bored Ape NFT collection has generated approximately $96 million in trade activity over the last 30 days, down nearly 72% from the prior 30-day timeframe, according to CryptoSlam.
