Celebrities “aped into” the expensive Bored Ape Yacht Club Ethereum NFT collection earlier this year creating a media frenzy. A few have even put their Apes to work in the shape of merchandise, eateries with a specific theme, performances and more.
However, interest has waned as the crypto bear market has taken hold and the cost of joining the elite group has fallen precipitously over the past few weeks. Meanwhile a “floor” Bored Ape such as the one that singer Justin Bieber paid $1.3 million in ETH for in January, now sells for a minuscule fraction of that price range.
According to NFT Price Floor statistics, as of this writing, the floor price for the Bored Ape Yacht Club is about 58.2 ETH or roughly $69,800. This is the price of the cheapest available NFT listed on a marketplace. The floor price dropped below $60,000 for the second time this month on Monday but it has been slowly creeping back up ever since Tuesday morning.
Since the beginning of November, the Bored Apes’ USD floor price has dropped by 33 percent. Cryptocurrency prices and NFT valuations both fell last week after the demise of the popular exchange FTX, but other notable projects haven’t been struck as badly as the Apes.
The Yuga Labs-owned “blue chip” NFT project CryptoPunks has seen its floor price drop by 23% this month, to around $79,800 (66.5 ETH). The only difference between the price then and now is the fluctuating value of the US dollar; the price in ether is essentially the same. However, the Bored Ape floor has fallen from 66.6 ETH to 58.2 ETH and it even dipped as low as 48 ETH early on Tuesday.
Justin Bieber purchased this Bored Ape NFT in January for $1.31 million.
Today, it’s worth $74,382. pic.twitter.com/ovG4hhv2cl
— Watcher.Guru (@WatcherGuru) November 17, 2022
In late April, just before the cryptocurrency market meltdown, the Bored Ape floor reached a high of roughly $429,000 (152 ETH) because of excitement around the release of NFT land plots for Yuga’s Otherside metaverse game. NFTs seemed like they were going to keep giving to bored Ape owners who had just cashed in on the March debut of ApeCoin and were about to receive free Otherside land.
Bored Ape prices have dropped dramatically over the previous six months as the crypto market crisis has led to a sharp decline in the speculative fervor around NFTs. At present, the cost of acquiring a Bored Ape is roughly 84% lower than it was in April’s high point.
An NFT is a token on the blockchain that signifies ownership of an item, such as a profile photo or membership in the Bored Ape Yacht Club. Ten thousand NFT avatars will be distributed to participants, providing them with access to the project’s secret community and events, special items, the chance to get further NFT and token drops in the future and the opportunity to profit from their own NFT artwork.
After a flurry of buys in late 2021 and early 2022 that brought people like Jimmy Fallon, Steph Curry, Madonna, Eminem, Gwyneth Paltrow and Snoop Dogg into the club, we haven’t seen any notable recent examples of celebrities streaming into the project amid the fall.
Now that they’re Cheaper, Several Seven-Figure Bored Ape Purchases Strike Out
In January, musician Justin Bieber paid $1.3 million (500 ETH) for an ape, a purchase that was criticized at the time by crypto influencers who said that Bieber overpaid for an Ape with relatively typical qualities.
Rug Radio co-founder and host Farokh Sarmad tweeted, “Who [the fuck] is advising Justin Bieber’s NFT purchases, and how can I get in touch to sell them [floor] NFTs for 500 ETH?”
Based on its attributes and features Rarity Tools ranks it as the 9,810th rarest Bored Ape; without a connection to a globally recognized celebrity, it would likely sell for the minimum asking amount.
Today an identical Ape may go for almost one-ninth of that amount in ETH or roughly one-ninth of the price in USD. Even though holders like Eminem and Snoop Dogg have continued to use their Apes prominently since Bieber’s purchase, it’s possible that Bieber’s purchase represented the peak of the celebrity Bored Ape boom.
77 BAYC trades so far today.
Most in a single day since the Otherdeed drop. pic.twitter.com/gvskio697w
— NFTstatistics.eth (@punk9059) November 15, 2022
However, the declining prices appear to be stimulating demand, with Apes sales up by 135% on Tuesday to a total of $6.5 million, according to data from CryptoSlam.
Director of research for NFT startup Proof, pseudonymous crypto analyst Punk9059, tweeted that Bored Ape floor prices tend to drop when owners worry about NFT liquidations from BendDAO, but that the price of Bored Ape NFTs eventually returns as more people purchase them.
Blur a new NFT marketplace aimed at “pro traders” that doesn’t charge a marketplace fee or enforce creator licensing fees, was also recognized for its significance. This, according to Punk9059, “[creates] a lot more flips” among Bored Ape traders.
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