Despite the hype and celebrity endorsements, the Bored Apes collection has seen a substantial decrease in value, with factors such as waning retail interest and the rise of newer collections on Bitcoin and Solana contributing to the decline.
Digital artwork that was once the talk of the town is now selling at a 90% haircut compared to prices during its peak popularity in 2021, showcasing the fragility associated with viral crypto trends.
The minimum price of the non-fungible token (NFT) collection, Bored Apes Yacht Club (BAYC), is just over 10 ether (ETH) as of Tuesday, a stark drop from a lifetime average of 120 ether in May 2022.
Data from CryptoSlam shows trading volumes have generally remained around the $1 million daily mark since 2022. Nearly 20% of the collection is held by ten individual wallets.
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