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• 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 in the market, this is mainly due to bad news from the crypto world: the collapse of the Terra/LUNA cosmos has shaken the confidence of investors in the same way as the insolvency 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 amid a small stabilization trend in the crypto market at the end of the year certainly did not help restore lost investor confidence.
NFTs are also suffering from the crypto winter
However, recent events have not only affected cryptocurrencies. The crypto token market has also suffered massive losses due to rising risk aversion. Not so long ago, NFTs were still considered a hot bet in the crypto market. In January, NFT marketplace OpenSea secured an investment of millions, large companies such as Disney, Vodafone and Pepsi brought NFT collections to market, and the non-fungible tokens generated a lot of investor interest.
During this time, the hype around the Bored Ape Yacht Club also picked up steam. The founders of Yuga Labs launched 10,000 NFTs, the collection of digital images featuring cartoon-style portraits of monkeys, each with a bored expression on their faces. Famous buyers – including pop star Justin Bieber – sometimes put millions of dollars on the table for an NFT, further fueling 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. Accusations of racism against Bored Ape Yacht Club and Yuga Labs made the rounds and couldn’t be completely put to rest.
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 (equivalent to about $1,007,557.20), number 232 in the series sold for 800 ETH. For #5718, a buyer recently put 350 ETH on the table.
However, these are top sellers on the platform, the average prices are way 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 6, 2022) – users had to pay for one of the virtual monkey tokens at an Ethereum price of 1,250.70 US dollars. currently equivalent to about 86,285.79 US dollars.
Gearing must be between 2 and 20
Image sources: phloxii / Shutterstock.com, iQoncept / Shutterstock.com