In the realm of digital collectibles, few NFTs garnered as much attention and hype as the Bored Apes Yacht Club (BAYC) collection during the last bull market. However, the once-thriving market for these quirky digital monkeys has taken a dramatic nosedive, with prices plummeting to levels reminiscent of August 2022, marking a staggering decline of over 90% from their peak.

A Sharp Decline in Value

The Bored Apes Yacht Club NFT collection, which once boasted eye-watering prices of up to 120 ETH per ape, has now seen its value dwindle to just over 10 ETH. This substantial drop is emblematic of a broader trend of diminishing demand for Ethereum-based NFT collections.

Various factors have contributed to the downfall of the Bored Apes. Despite initial fervor and celebrity endorsements, waning retail interest coupled with the emergence of newer collections on alternative blockchains like Bitcoin and Solana have diverted attention away from Ethereum-based projects.

A 90% Haircut in Value

Once the epitome of digital wealth and status, Bored Ape NFTs are now trading at a fraction of their former glory. The current minimum price of a Bored Ape stands at just over 10 ether (ETH), a stark contrast to the astronomical figures they commanded during their heyday in 2021.

Dollar Value Comparison

In dollar terms, the decline is equally stark. With Ether valued at around $3,000 in May 2022, a single Bored Ape NFT was worth over $400,000 at its peak. Fast forward to today, and that figure has dwindled to just over $30,000, showcasing the ephemeral nature of viral crypto trends.

Data from CryptoSlam indicates that trading volumes for Bored Apes have remained relatively stagnant around the $1 million daily mark since 2022. Additionally, a significant portion of the collection, approximately 20%, is held by just ten individual wallets.

The Decline of Ethereum NFTs

The decline of Bored Apes mirrors a broader trend of diminishing retail interest in Ethereum-based NFT collections, as indicated by Google search data. In contrast, newer collections on blockchains like Bitcoin and Solana have begun to attract more investor attention.

Bored Apes, a collection of 10,000 digital monkeys on the Ethereum blockchain, captured the imagination of investors during the 2021 bull market. With each ape possessing unique traits, ownership granted access to exclusive benefits and served as a status symbol in online communities.

Celebrity Endorsements and Controversy

During their peak, Bored Apes received widespread acclaim, with celebrities flaunting their digital primates on virtual platforms. However, controversy arose in June 2023 amid allegations that some celebrities had been gifted Bored Apes by crypto services company MoonPay, casting doubt on the legitimacy of the project.

Despite their meteoric rise and subsequent fall, Bored Apes remain the top Ethereum-based NFT collection with a market capitalization of $340 million. However, their decline serves as a cautionary tale of the volatile nature of digital assets and the fickle trends that govern the crypto market.