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Bored Ape NFTs Lose 93% of Peak Value as Market Interest Wanes

Writer's picture: Blockonome GnomeBlockonome Gnome

Once the crown jewel of digital art and status symbols, Bored Ape Yacht Club NFTs have seen a dramatic decline in value.


Bored Ape NFTs Lose 93% of Peak Value as Market Interest Wanes

The Bored Ape Yacht Club (BAYC), a once-celebrated NFT collection that symbolized the height of digital art ownership and exclusivity, has seen its prices nosedive by 93% since its peak. In 2022, when NFTs were at their most hyped, owning a Bored Ape was akin to owning a Ferrari—an instant marker of digital status and wealth. At their highest point, in April 2022, the floor price for a Bored Ape reached 152 ETH, or about $429,000 at the time.


Now, the average price for these once-coveted NFTs hovers around $27,600, a dramatic drop that has shaken confidence in their long-term value. Measured in Ethereum (ETH), the floor price has similarly plunged by 91%, falling to 11 ETH from its former peak of 128 ETH.


Several factors have contributed to this decline. Enthusiasm for NFTs has dwindled, with overall trading volumes for digital assets falling to near record lows. The general downturn in the crypto market, regulatory uncertainty, and diminishing novelty around NFTs have left many digital collectibles languishing.


The Bored Ape ecosystem has not been immune to these broader challenges. OpenSea, the primary marketplace for NFT trading and a major venue for Bored Ape sales, recently disclosed that it had received a Wells notice from the U.S. Securities and Exchange Commission (SEC), indicating potential legal action. This looming regulatory scrutiny adds to the apprehension around the NFT space, further pressuring prices and market activity.


Despite a brief upward trend in Ape prices following a low in August—where the floor price dipped to $20,000 and later recovered to $39,000—their value has since returned to pre-recovery levels. The future of the collection remains uncertain, as does the overall trajectory of the NFT market.


In parallel, several companies that bet big on the Bored Ape universe are now stepping back. Tally Labs, which once led an ambitious project to develop a narrative around Bored Ape #1798, known as Jenkins the Valet, has decided to halt work on new and existing projects tied to the Bored Ape storyline. The company’s Writers Room, which allowed NFT holders to shape the creative direction of the Jenkins project, will no longer receive the same level of resources.


In a blog post, Tally Labs CEO Blake Chasen acknowledged the changing NFT landscape: “I think there is a world where ETH NFTs come back, and the early role that these projects played (and their vast lore) will make them enticing for new IP opportunities. But that’s not the case today.”


As the NFT market continues to evolve, the fate of Bored Apes and similar collections remains in flux, with questions looming over their future utility, cultural relevance, and long-term value.


photo source / Blockonome

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