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 * Bored Ape Yacht Club loses over 85% of market value as NFTs crash to new low


BORED APE YACHT CLUB LOSES OVER 85% OF MARKET VALUE AS NFTS CRASH TO NEW LOW

By Manas Sen Gupta
04 Jul 2023

Lifestyle
Bored Ape Yacht Club loses over 85% of market value as NFTs crash to new low
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Until early 2022, Bored Ape Yacht Club (BAYC) was like the glittering gold of
the non-fungible token (NFT) world. It looked so attractive as an investment
that even celebrities spent thousands of dollars to get their hands on at least
one of the ape-faced tokens. Cut to June 2023 and BAYC NFTs have lost over 85
per cent of their market value since their peak in April 2022.

The floor price of the BAYC NFT tumbled to less than 30 ETH (Ethereum), or
around USD 58,000 on 2 July. The floor price is now almost the same as it was in
October 2021, before the boom in the NFT market. Created by Yuga Labs, BAYC is a
collection of 10,000 ape-faced NFTs. Interest in them peaked alongside a growing
demand for NFT collectibles in 2021. Following the success of the BAYC, Yuga
Labs also released a separate collection of NFTs known as Mutant Ape Yacht Club
(MAYC).


MORE ABOUT THE FALL IN BAYC TOKENS

Image credit: OpenSea

Data analytics firm CoinGecko has revealed that the floor price of the Bored Ape
Yacht Club collection has hit a low of 27.4 ETH, or USD 53,000 in the evening of
2 July. According to it, the highest floor price BAYC ever touched was in April
2022 when it was worth 153.7 ETH, or about USD 430,000.

But the fall has been more pronounced in recent months. Data from NFT
marketplace OpenSea shows that the floor price of the tokens have dropped by at
least 50 per cent since April 2023, when it was worth at around 64 ETH, or USD
126,000. As on 4 July 2023, BAYC was trading on OpenSea at a floor price of
30.03 ETH, or USD 58,733. The floor price of MAYC tokens, as on 4 July 2023, is
just 5.8 ETH, or USD 11,425.

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BAYC NFT TOKENS OF CELEBRITIES AFFECTED

The rapid fall has obviously affected the worth of the tokens held by
celebrities, including sportspersons, actors, musicians and businessperson.
Before the boom that followed, National Basketball Association (NBA) player
Stephen Curry bought a blue-skinned BAYC ape token in August 2021 for 55 ETH, or
USD 180,000 at the time. But the token, #7990, is now worth almost half at 29
ETH, or USD 56,840 at current exchange rate, due to the current floor price.

BAYC #3667, the token believed to be held by National Football League (NFL)
superstar Tom Brady, was sold to him for 133 ETH in April 2022, but is now at a
best offer of just 29 ETH, or USD 57,000. Brazilian football icon Neymar Jr.,
who plays for French club Paris Saint-Germain (PSG), bought two BAYC tokens in
January 2022. He paid 189 ETH and 153 ETH for Ape #5269 and Ape #6633,
respectively, or a total price of around USD 790,000. Today, the best offer on
both tokens together amounts to just 60 ETH, or USD 112,000.

Ape #5269, one of the two BAYC NFTs held by Neymar. (Image credit: OpenSea)

And one of the costliest ever transactions related to BAYC was in January 2022
when singer-songwriter Justin Bieber bought #3001 for 500 ETH, or around USD
1,150,000 at the time. Given the current floor price, the token’s worth is just
around USD 55,000 — or a mere 4 per cent of what Bieber paid for it.

Ape #3001, the token held by Justin Bieber. (Image credit: OpenSea)

Among the several other celebrities who hold BAYC tokens are Serena Williams,
Gwyneth Paltrow, Post Malone, Paris Hilton, Eminem, Jimmy Fallon, and Steve
Aoki. As the floor price of BAYC tanks in the midst of an overall lack of
interest in NFTs, the tokens the celebrities hold are now worth far less than
what they paid for it.

(Main and feature image: PiggyBank/@piggybank/Unsplash; OpenSea)

This story was first published in Augustman Singapore.


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MANAS SEN GUPTA

Manas enjoys reading detective fiction and writing about anything that interests
him. When not doing either of the two, he checks Instagram for the latest posts
by travellers. Winter is his favourite season and he can happily eat a bowl of
noodles any time of the day.

   

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