The hype around the Bored Ape NFTs was at its peak earlier this year, with celebrities buying the pricey Ethereum NFT collection. Some Bored Ape NFT holders have used their Apes to theme restaurants, create products, live performances, and more.
However, the buzz around the Bored Ape NFTs has reduced amid the bear cryptocurrency market, and the price to join the Bored Ape Yacht Club (BAYC) has reduced significantly in recent weeks. A “floor” Bored Ape such as the one bought by Justin Bieber in January for $1.3 million, now costs only a small fraction point of that price.
At the time of writing, the Bored Ape Yacht Club NFTs have a floor price (the price of the cheapest NFT available on NFT marketplaces) of about 58.2 ETH, according to data obtained from NFT Price Floor, which translates to about $69,800.
On Monday, the floor price of the Bored Ape Yacht Club dropped below the $60,000 mark for the second time this month alone, but it rose throughout the day on Tuesday.
The Bored Apes have had a tough time this month of November, with their floor price in USD falling by about 33% since the start of the month. The collapse of the FTX crypto exchange last week impacted the NFT market, driving down cryptocurrency prices and affecting the valuations of NFTs. However, other NFT projects have not been hit as hard as the Bored Apes.
The floor price of CryptoPunks, another NFT project owned by Yuga Labs, the same company behind Bored Apes, has dropped by about 23% this month alone. The CryptoPunks now have a floor price of about 66.5 ETH, or $79,800. Its ETH price today is equivalent to what it was on November 1, but the USD value of ETH has changed. The floor price of Bored Apes dropped from 66.6 ETH to 58.2 ETH and fell to 48 ETH on Tuesday morning.
In late April, the floor price of the Bored Apes was at its peak at about 152 ETH ($429,000). This was before the crypto crash, and it can be attributed to the launch of NFT land plots for the Otherside metaverse games, another project from Yuga Labs. ApeCoin holders were set to be given free Otherside land, and the NFTs looked like gifts.
The crypto crash has had an impact on the NFT hype, which has in turn driven down the price of the Bored Ape NFTs in the last 6 months. When measured in USD, the entry price for the Bored Apes is now 84% less than it was during the April peak.
NFTs (Non-Fungible Tokens) are blockchain objects that represent the ownership of digital assets including profile pictures (PFPs) such as the Bored Ape Yacht Club (BAYC). The BAYC comprises a collection of 10,000 avatars NFTs that grant their owners exclusive access to the club and events. The club members enjoy several benefits including exclusive merchandise, token drops, and the opportunity to commercialize their NFT artwork.