Bored Ape Yacht Club hype was in full swing earlier this year as celebrities ‘aped into’ the pricey Ethereum NFT collection.
Some have even used their Apes to create products, themed restaurants, live performances, and more.
But the buzz has faded amid the crypto bear market, and the price to join the exclusive club has been dropping lower and lower in recent weeks.
And a ‘floor’ Bored Ape, like the one that singer Justin Bieber spent $1.3 million worth of ETH to buy in January, now sells for a tiny fraction of that price point.
As of this writing, the floor price for the Bored Ape Yacht Club—that is, the price of the cheapest-available NFT listed on a marketplace—is about 58.2 ETH, per data from NFT Price Floor, or about $69,800.
On Monday, the floor price dipped below $60,000 for the second time this month, but it ticked back upwards throughout the day on Tuesday.
It’s been a rough November for the Bored Apes, as the floor price in USD has fallen 33% since the start of the month.
Last week’s collapse of popular crypto exchange FTX had an apparent impact on the NFT market, driving down crypto prices and impacting NFT valuations as well, but other notable projects aren’t taking as hard of hits as the Apes.
An NFT is a blockchain token that represents ownership in an item, including unique profile pictures (PFPs) like the Bored Ape Yacht Club.
The project’s 10,000 NFT avatars grant users access to a private community and events, as well as exclusive merchandise, potential future NFT and token drops, and the ability to commercialize their owned NFT artwork.
