It's not looking good.
The Bored Apes are not well.
The Ethereum-based token called ApeCoin, linked to the once-coveted NFT collection of tired primates, has dropped to an all-time low this week, Decrypt reports, indicating that Bored Apes maker Yuga Labs' efforts to inject some enthusiasm back into the trend aren't working.
The news comes just days after Yuga Labs showed off elements of its upcoming metaverse game called Otherside at an exclusive event, which is based on ApeCoin.
In short, the appetite for NFTs is continuing its long and painful decline, dragging the value of Bored Apes along with it.
ApeCoin dropped to a historic low of just $1.77 late Monday, but rebounded slightly to a still abysmal $1.79 at press time. That's down roughly nine percent since last week.
The token first launched in March 2022 at a price of $8.54, hitting highs of well over $26 in April, Decrypt reports. Around the same time, the value of Bored Ape NFTs was at its peak, with some of them being sold for millions of dollars.
Last month, those prices hit multi-year lows with some dropping to just $52,000.
Does that mean we're looking at the end of the trend? While Bored Apes' heyday of being endorsed and collected by celebrities is long over, there's clearly a lingering interest left over.
In other words, they may be a shadow of what they once were, but NFTs aren't going permanently anytime soon.
More on Bored Apes: Remember Bored Apes? They're Almost Worthless Now
Share This Article