RIP.
Bored of Apes
Bored Ape NFTs have absolutely plummeted in value, dropping to multi-year lows this month.
The value of this once-booming collection of JPGs of lethargic simians, which sold for millions of dollars just a couple years ago, has cratered, selling for as little as $52,000 worth of Ethereum this month, Decrypt reports.
ApeCoin, the currency of Bored Apes maker Yuga Labs’ virtual world, has also tanked in value, losing 93 percent of its $7.6 billion market cap in April 2022, per the report.
In short, Bored Apes have turned from a celebrity-endorsed status symbol into a depressing reminder that the NFT market still somehow exists in 2023 despite a precipitous drop in interest.
Class Action
Last week, CNBC reported that singer Justin Bieber’s drab, hat-toting Bored Ape, which was once valued at $1.3 million in 2022, is now worth only around $60,000, making it a spectacularly terrible investment.
NBA star Stephen Curry’s Bored Ape, which he bought for $180,000 worth of ETH in 2021, is now worth just under a third of that price.
Bieber, Paris Hilton, and Madonna, among other investors, filed a class-action lawsuit in December 2022, arguing that they were duped into buying the NFTs by other celebrities who didn’t disclose they were financially invested.
And other NFT projects are doing even worse. The Bored Ape Yacht Club is still one of the most valuable NFT collections on OpenSea, and Bored Ape prices have recovered somewhat since earlier this month, as Decrypt reports — but collectors will now have to grapple with the fact that their once-coveted NFTs may end up leaving a huge hole in their pocketbooks.
More on Bored Apes: Yuga Labs Says Its Bored Apes Are Absolutely Copyrighted, Thank You Very Much
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