Bored Ape NFTs PLUMMET In Price, Community Reacts

March 12, 2024 4:17 pm Comments

Bored Ape Yacht Club NFTs have plummeted in price, and the crypto community has taken notice.

Arguably once the premier NFTs for any collector or investor, the apes have since gone from selling for 150 ETH to just 15 ETH—with some reports coming in that some Apes are selling for as low as 12 ETH.

Even at these prices, the lauded NFTs are still out of reach for most investors, but for those who can afford them at these prices, they might represent a bargain. Crypto News explained:

The current floor price for BAYC, which indicates the lowest one can purchase it for, is around 13 ETH, or $51,000. The last time it was this low was August 18, 2021, when it traded for 13.65 ETH, according to data by CoinGecko.

That means today BAYC is a staggering 91.3% off its all-time high floor price of 153.7 ETH posted on May 1, 2022.

The crypto community was quick to react to the incredibly low Bored Ape prices:

Decrypt attempted to get to the bottom of the price collapse:

When Bored Apes emerged in 2021, they attempted to forge a new business model for NFTs: one focused on perks, parties, exclusivity, and access. The concept worked well—really well—throughout the 2021/2022 NFT bull run.

But now that the ice of the last crypto winter is finally beginning to melt away, will Yuga’s Ape-themed metaverse continue to appeal to NFT holders?

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