In 2021, non-fungible tokens went mainstream in a big way as celebrities and the general public spent millions buying and trading digital collectibles. But today, prices for one of the most popular collectibles, the Bored Ape Yacht Club NFT, have dropped to a two-year low.
Take, for example, the Bored Ape NFT owned by Justin Bieber: It’s lost nearly 95% in value over the past year and a half.
In January 2022, the Grammy Award-winning music artist entered the world of NFTs by reportedly downing 500 ETH (about $1.3 million at the time) on Bored Ape #3001, which belongs to Yuga Labs’ Bored Ape Yacht Club (BAYC) collection. is NFT.
But according to Bitcoinist, as of July 2023, Bieber’s Bored App is only worth around $59,000.
And it’s not just Bieber’s NFTs that have dropped significantly in value.
Basketball star Stephen Curry bought bored app #7990 on August 28, 2021, for 55 ETH (about $180,000 at the time).
But according to OpenSea, as of July 6, the highest bid for the NFT is 30.5 ETH, or about $58,000. That’s a drop of about 68%.
Music icon Madonna bought Bored Ape #4988 for 180 ETH (about $466,000 at the time) on March 14, 2022, but as of July 6 the highest bid on the NFT was 28 ETH (slightly over $53,000). according to OpenSea.
It’s also worth noting that in December, a class-action lawsuit filed by investors who bought Yuga Labs’ digital assets named several celebrities, including Bieber, Curry, and Madonna, alleging celebrity endorsement and promotion of the Bored app.
The allegation was made. According to the Los Angeles Times, the Yacht Club NFT collection was created.
According to CoinDesk analysis, the minimum value for NFT collectibles has dropped to its lowest level since October 2021, when the cheapest Bored Ape cost around 30 ETH.
This is a far cry from when BAYC bottomed out at 153.7 ETH in April 2022, meaning the smallest amount a seller could accept was around $430,000 at the time.
According to Decrypt, at the end of 2022, the NFT market is set to record a trading volume of around $24.7 billion – a slight decline from 2021’s $25.1 billion.
This year, the phase of decline in the NFT market seems to be continuing. According to DappRadar, in May and June, NFT trading volume failed to cross the $1 billion mark for the first time since December 2022.
However, the DappRadar report states that it is important not to associate the low trading volume with a lack of overall market enthusiasm.
To that point, Bored Ape Yacht Club is still one of the top NFT collectibles on OpenSea, and some sellers still expect collectors to shell out millions for the digital artwork.
According to OpenSea, while the lowest asking price for a bored app as of July 6 was around 30.6 ETH ($57,712), the most expensive bored app NFT comes with an asking price of over 6,969 ETH ($13 million).