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Forex in this article
• Crypto market with a weak year 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% this year. Apart from the increase in risk aversion in the market, this is due in particular to bad news from the crypto world: the collapse of the cosmos Terra/LUNA has shaken investor confidence as well as the insolvencies of the crypto lender Celsius and of the crypto exchange Voyager Digital. The fact that the FTX and BlockFi bankruptcy debacle caused further market shocks amid a small year-end crypto market stabilization trend certainly did nothing to restore lost confidence. investors.
NFTs are also suffering from the crypto winter
However, recent events have not only impacted cryptocurrencies. The crypto token market also suffered massive losses due to increased risk aversion. Not so long ago, NFTs were still considered a hot bet in the crypto market. In January, NFT marketplace OpenSea secured multi-million investment. Major companies such as Disney, Vodafone, and Pepsi released NFT collections, and non-fungible tokens attracted great interest from investors.
Meanwhile, the hype surrounding the Bored Ape Yacht Club has also accelerated. The founders of Yuga Labs launched 10,000 NFTs, the collection of digital images featuring cartoon-style portraits of monkeys, each sporting a bored expression on their faces. Famous buyers – including pop star Justin Bieber – sometimes put millions of dollars on the table for an NFT and thus further fuel the hype. Yuga Labs even landed $450 million in funding for a new Metaverse.
But soon cracks began to appear in the world of bored NFT monkeys. Allegations of racism against the Bored Ape Yacht Club and Yuga Labs have made the rounds and could not be fully dispelled.
Combined with the shocks the crypto market as a whole had to digest, Bored Ape Yacht Club NFTs lost massively in value. On the OpenSea trading platform, prices dropped significantly in some cases.
Some Bored Ape Yacht Club NFTs are expensive though
However, according to data from DappRadar, Bored Ape Yacht Club series NFTs 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 approximately $1,007,557.20), issue #232 in the series sold for 800 ETH. For #5718, a buyer recently put 350 ETH on the table.
However, they are the best sellers on the platform, the average prices are well below. The lowest price for a bored monkey series NFT is currently given by OpenSea at 68.99 ETH (as of December 6, 2022) – users would pay for one of the virtual monkey tokens at the Ethereum price of 1,250, 70 US dollars is currently the equivalent of approximately 86,285.79 US dollars.
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