As NFT market values soar, celebrities are acquiring tired monkey artwork alongside multi-million dollar purchases. If you take a peek at the Ethereum profile picture gallery, you’ll see how much people are craving NFTs since the market collapse.
According to NFT Price Floor, the lowest secondary market price for a Bored Ape Yacht Club NFT is $96,469, or 80 ETH. The price dropped from $91,741 to $91,741 overnight, according to the website’s data.
In less than two months, the price of an entry-level Bored Ape NFT has dropped 78 percent in USD. The opening price for Yuga Labs’ virtual land auction for Otherside, a new game, was about $429,000 on April 29, the day before the auction began (152 ETH). Bored Apes may be able to use NFTs to get free plot areas.
Since then, a 47 percent drop has occurred. Ethereum’s price has declined, but the NFT collection values have dropped dramatically as seen by this data. In August 2021, the NFT market soared, and the Bored Ape Yacht Club had never seen a floor price below $100,000.
All significant NFT collections have seen their value plummet in the last month. Bored Apes have lost 54% of their value in the last 30 days, while CryptoPunks have lost 48% and Moonbirds have plummeted 62%.
Digital assets such as profile images, sports, and entertainment memorabilia representations, and video game characters may all be demonstrated to be held through an NFT.
For the year 2021, DappRadar estimates that the NFT market will trade at $25 billion. Demand for organic goods is predicted to continue through 2022 based on statistics from the first four months of 2017. OpenSea’s first trading day in May saw a record-breaking $476 million in transactions.
When bitcoin’s value dropped at the beginning of May, the volume of NFT trading declined precipitously. The sluggish cryptocurrency market had a significant impact on this. Although major currencies like Bitcoin and Ethereum reached lows not seen since 2020, NFT transactions increased on Monday as buyers sought “bargains” amid lower prices.
The Bored Ape Yacht Club NFT collection is well-known. According to CryptoSlam, the first 10,000 images with randomly generated attributes produced more than $2.2 billion in trading activity.
Celebrities including Snoop Dogg, Jimmy Fallon, and Madonna participated in a March fundraising round that earned $450 million for the firm.
Even apes are not immune to market problems, as seen by price declines and a drop in trading activity. Trading activity for the first Bored Ape NFT collection has decreased by 72 percent in the last 30 days, according to CryptoSlam.
