So what happened?
Once upon a time, owning a Bored Ape Yacht Club (BAYC) NFT was the ultimate status symbol in the digital world.
Celebrities like Justin Bieber and Eminem flaunted their prized digital primates, paying exorbitant sums to join the exclusive club.
At the peak of the NFT craze in April 2022, the cheapest Bored Ape would set you back around 120 ETH (approximately $400,000).
Fast forward to today, and the floor price has plummeted to around 10 ETH ($30,000), marking a staggering 90% decline.
What happened to the once-mighty Bored Apes?
What happened to the NFT communities?
The origin of Bored Apes traces back to April 2021, when Yuga Labs launched a collection of 10,000 procedurally generated cartoon apes on the Ethereum blockchain.
Each ape came with unique traits and attributes, some rarer than others, making them highly collectible.
The allure wasn’t just the quirky art; owning a Bored Ape granted access to a private online club, exclusive in-person events, and a badge of digital prestige.
