Bored Ape NFTs

If you bought Bored Ape NFTs during their peak, you’ve likely lost about 93% of your investment. The floor price, which is the lowest price at which one of these NFTs can be sold, has dropped drastically. Once, Bored Ape NFTs were selling for hundreds of thousands of dollars, but now they are worth much less.

In the beginning, Bored Ape NFTs were more than just digital art. They represented a new type of asset in the crypto world—an emerging asset class that combined community and art. People who owned these NFTs were considered to be on the cutting edge of technology. But things have changed, and the market for Bored Apes is no longer as hot as it used to be.

The Rise and Fall of Bored Ape Yacht Club (BAYC)

When the Bored Ape Yacht Club (BAYC) collection first launched, it took the NFT world by storm. In 2021 and 2022, the prices of these digital assets skyrocketed. At one point, owning a Bored Ape was like owning a Ferrari. The minimum price for an Ape NFT, also known as the floor price, peaked at 152 ETH, which was worth $429,000 in April 2022.

However, things didn’t stay that way. The NFT market has faced several challenges since then. The excitement around NFTs has faded, and trading volumes have hit record lows. Even though Bored Apes are still considered “blue chip” NFTs, meaning they are among the best in the market, their value has dropped sharply.

Today, the floor price for a Bored Ape has fallen to just $27,600. In ETH terms, this means the price has dropped from 128 ETH to only 11 ETH, which is a 91% drop in value. This steep decline is a sign that the NFT market, and Bored Apes in particular, is struggling.

The Role of Yuga Labs and Otherside Game

Yuga Labs, the company behind the Bored Ape Yacht Club, played a huge role in the rise of these NFTs. They built hype around the collection by teasing a new game called Otherside, which is still being developed. During this time, the market for Bored Apes was frothy, with people willing to pay high prices to own one.

But as time went on, excitement for the Otherside game cooled down, and the market for Bored Apes followed suit. While Yuga Labs remains a big name in the NFT world, their projects no longer hold the same allure they once did.

OpenSea’s Legal Troubles

Another major blow to the Bored Ape NFT market came when OpenSea, the leading NFT marketplace, disclosed that it had received a Wells notice from the Securities and Exchange Commission (SEC). A Wells notice is a warning that the SEC is preparing to sue. This news sent shockwaves through the NFT community, as OpenSea has been a major platform for buying and selling NFTs, including Bored Apes.

OpenSea has facilitated around 2 million ETH worth of Bored Ape sales. However, with the threat of legal action from the SEC looming, the future of the platform—and the NFTs traded on it—remains uncertain.

Bored Ape Prices: A Rollercoaster Ride

Bored Ape prices have been on a wild ride over the past year. In August, the floor price for an Ape dipped to $20,000 amid a global market sell-off. Then, the price briefly rose to $39,000 before falling back down to around $27,600, where it sits today.

This volatility in Bored Ape prices reflects the broader struggles of the NFT market. While some investors hope for a rebound, others believe that the NFT craze has passed, and prices may never return to their previous highs.

Companies Pulling Back from the Ape World

Several companies that initially embraced the Bored Ape world are now pulling back. One example is Tally Labs, a company that built a whole universe around a specific Bored Ape known as Jenkins the Valet (Bored Ape #1798). Tally Labs created The Writers Room, a project where NFT holders could help shape the storyline of Jenkins the Valet.

This project even led to the creation of a novel written by Neil Strauss, a New York Times bestselling author. However, Tally Labs recently announced that they would no longer invest resources into new or existing projects related to the Bored Ape world.

Blake Chasen, the CEO of Tally Labs, wrote in a blog post that while he believes ETH NFTs could make a comeback in the future, it’s not the case right now. For now, companies like Tally Labs are stepping away from their Bored Ape-related ventures.

What’s Next for Bored Ape NFTs?

The future of Bored Ape NFTs is uncertain. While some believe that the collection could still make a comeback, especially if the Otherside game is successful, others think that the hype around NFTs has died down for good.

One of the big selling points of Bored Apes was the idea that NFT owners could use their Apes as intellectual property (IP) in mainstream stories. For example, owners could license their NFTs to be featured in books, movies, or other media. Tally Labs’ project with Jenkins the Valet was one attempt to make this happen.

However, as the market for Bored Apes continues to decline, it’s unclear whether these IP opportunities will ever materialize. For now, the NFT market remains in a slump, and Bored Ape owners are left wondering if their investments will ever recover.

Is the NFT Hype Over?

For those who bought Bored Ape NFTs at their peak, the past year has been a tough one. With prices down 93% and no clear signs of recovery, many investors are questioning whether the NFT craze was just a passing trend.

The market for NFTs, including Bored Apes, has been hit by a combination of factors, from declining interest in digital assets to legal troubles facing platforms like OpenSea. While some investors hold out hope for a comeback, others believe that the NFT bubble has burst.

Only time will tell whether Bored Ape NFTs will regain their former glory or continue to lose value. For now, though, it seems that the days of NFTs being the next big thing are behind us.