SNEAK PEEK
- Recent weeks have experienced a sharp decline in NFT prices of the Bored Ape Yacht Club collection.
- A Bored Ape was purchased for $1.3 million by the singer Justin Bieber earlier this year, which represents a value more than the selling price of a similar NFT today.
- FTX collapse has also harmed the NFT market but no other collection is as hurt as BAYC.
In the beginning of 2022, Bored Apes were a hype with celebrities putting their trust and pouring affection into the collection. While some of them created products upon utilizing their Apes, others opened restaurants, live performances and more.
However, ever since the crypto bear market showed up, all the buzz dropped. According to the latest update, a Bored Ape bought by Justin Bieber for ETH worth $1.3 million in January is now selling for just a mere fraction of the original price.
At the moment, the cheapest Ape is available for 58.2 ETH, which is only $69,800. The floor price went below $60,000 on Monday but things improved again the next day.
November has been an unfavorable month for the Bored Apes and the floor price has reduced 33% since the month’s start and that too in USD.
In April, the floor price of the Bored Ape was at 152 ETH or $429,000 owing to the hype regarding the NFT land plots debut for Otherside metaverse game. The collection benefited from the launch of ApeCoin in March and was prepared to get Otherside land for free.
Unfortunately, the crypto crash made its presence, bringing down the prices of Bored Apes in the past six months. Compared to April, the entry price for an Ape is less by 84% in USD.
The significant drop in price has directed the attention towards certain seven-figure Bored Ape sales. One of them is Justin Bieber’s purchase in January for $1.3 million, which was questioned by the crypto influencers on the grounds of the singer overpaying for the Ape that has nothing more than ordinary traits.
Next time you think you’re down bad, just remember that .@justinbieber just bought a floor ape for 500 ETH.
— gmoney.eth (@gmoneyNFT) January 29, 2022
Apes worth over $6.5 million were sold Tuesday, which is a 135% increase as compared to the sales of the previous day.
77 BAYC trades so far today.
— NFTstatistics.eth (@punk9059) November 15, 2022
Most in a single day since the Otherdeed drop. pic.twitter.com/gvskio697w
In a tweet, fictitious crypto analyst Punk9059, director of research at Proof, mentioned that the floor price of Bored Ape tends to go down owing to owners being concerned regarding NFT liquidations from BendDAO; however, both the sales and floor price recover later when NFTs are bought by individuals.
Meanwhile, in August, Today NFT News reported Bored Ape Yacht Club founders explained how Steph Curry & Bieber got their NFT.
