Bored Ape NFT Prices Tank to August 2022 Levels, Down 90% From Peak
Bored Apes Yacht Club (BAYC) NFT collection is selling at a 90% discount from its peak in 2021, with the minimum price at just over 10 ether (ETH), down from an average of 120 ETH in May 2022. The decline is also reflected in dollar terms. Trading volumes have remained around $1 million daily, with 20% of the collection held by ten wallets. Google search data shows waning retail interest in Ethereum NFTs, while newer collections on Bitcoin and Solana are gaining traction. Bored Apes, featuring 10,000 digital monkeys, gained popularity in 2021 but faced reports of celebrities receiving gifted NFTs, potentially impacting investor confidence. Despite this, Bored Apes remains the top Ethereum NFT collection with a $340 million market capitalization.
