As the floor price for Bored Apes languishes, a pioneering Ape puts its community-driven storyline on pause.
The prices of Bored Ape Yacht Club NFTs once rivaled those of Ferraris fresh off the assembly line. Nowadays, the JPEGs cost as much as your average used car.
When digital assets boomed in 2021 and 2022, the Bored Ape Yacht Club represented NFTs’ potential as an emerging asset class mixing community and art. In crypto, Apes were lauded as digital status symbols that existed on the bleeding edge of tech.
When the collection’s maker Yuga Labs teased details about its upcoming Otherside game—which is still under development—the market for Bored Apes was frothy. Around that time, Apes reached a peak minimum price of 152 ETH, or $429,000, in April 2022.
Since then, the NFT market has faced continued headwinds as enthusiasm fades and NFT trading volumes near record lows. While the Apes may still be considered a “blue chip” as far as profile pictures go, their decline shows no signs of reversing soon.
decrypt.co/247930/if-you-bought-bored-ape-nfts-at-the-peak-youve-lost-93-of-your-investment