• Crypto market with a weak 2022
• NFTs are also suffering from the crypto winter
• Some Bored Ape Yacht Club NFTs are still trading at high prices
The crypto winter is long and spreading: Cryptocurrencies such as Bitcoin and Ethereum have already had to accept price drops of 63 and around 66 percent this year. In addition to increasing risk aversion on the market, this is due in particular to bad news from the crypto world: the collapse of the Terra/LUNA cosmos has shaken investor confidence in the same way as the insolvencies of the crypto lender Celsius and the crypto exchange Voyager Digital. The fact that the debacle surrounding the bankruptcy of FTX and BlockFi caused new market shocks in the midst of a small stabilization trend on the crypto market at the end of the year certainly did not help to restore lost investor confidence.
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NFTs are also suffering from the crypto winter
However, recent events have not only impacted cryptocurrencies. The market for crypto tokens has also suffered massive losses as a result of increasing risk aversion. Not so long ago, NFTs were still considered a hot bet on the crypto market. In January, the NFT marketplace OpenSea secured an investment worth millions. Large companies such as Disney, Vodafone and Pepsi brought NFT collections onto the market, and the non-fungible tokens generated great investor interest.
During this time, the hype surrounding the Bored Ape Yacht Club also picked up speed. The founders of Yuga Labs launched 10,000 NFTs, the collection of digital images featuring cartoon-style portraits of monkeys, each sporting a bored expression on their faces. Famous buyers – including pop star Justin Bieber – sometimes put millions of dollars on the table for an NFT and thus further fueled the hype. Yuga Labs even landed $450 million in funding for a new Metaverse.
But cracks soon began to appear in the world of bored NFT monkeys. Racism allegations against the Bored Ape Yacht Club and Yuga Labs made the rounds and could not be completely dispelled.
Combined with the shocks that the crypto market as a whole had to digest, Bored Ape Yacht Club NFTs lost massively in value. On the OpenSea trading platform, prices fell significantly in some cases.
Some Bored Ape Yacht Club NFTs are expensive though
However, according to data from DappRadar, NFTs from the Bored Ape Yacht Club series have recently been among the most expensive on the market. Over the past 30 days, Yuga Labs non-fungible tokens have been among the top sellers. While Bored Ape Yacht Club #1268 last changed hands for 780 ETH (the equivalent of around $1,007,557.20), number 232 of the series was sold for 800 ETH. For #5718, a buyer recently put 350 ETH on the table.
However, these are the top sellers on the platform, the average prices are far below. The lowest price for an NFT from the series of bored monkeys is currently given by OpenSea as 68.99 ETH (as of December 6th, 2022) – users would have to pay for one of the virtual monkey tokens at an Ethereum price of 1,250.70 US Dollars are currently the equivalent of around 86,285.79 US dollars.
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