Have We Become Bored of Bored Apes?

The NFT industry has been facing major setbacks in recent months. Not only is the hype around NFTs slowly fading, but many NFT projects are also having difficulty keeping their investors entertained. On top of that, some of the most popular projects, including Bored Ape Yacht Club and Azuki, have seen significant price declines, which is never a good sign. So, are we really getting bored, and do project developers need to step up their game and find ways to increase activity within their NFT ecosystems?

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Illustration: Lenka T.

Bored Ape Yacht Club Prices Are Crashing

The Bored Ape Yacht Club collection rose to fame in 2021, and a robust community was formed almost immediately after the project launch. The starting price of these NFTs was roughly $200 and soon skyrocketed to hundreds of thousands of dollars.

Bored Ape

Source: OpenSea

However, all good things eventually come to an end. Although Bored Apes are still the most prized NFT collection to this day, the price of these NFTs is going down, causing panic within the community. The fall of the Bored Ape Yacht empire is happening as fast as their rise to fame, and at the beginning of July, the price of certain collectibles dropped below 30 ETH. A floor price this low has not been seen in almost two years, so you can imagine why people aren’t happy with the current market conditions.

The market is slowly recovering, and at the time of writing, all NFTs in the Bored Ape Yacht collection are worth over 30 ETH. Still, the price plummet we saw at the beginning of the month shows a considerable 88% floor price decline compared to their peak.

Are NFTs Dead?

It’s no secret that NFTs are not as popular as they used to be. A lower trading volume reflects the lack of interest, making this slow but steady decline slightly worrying. However, NFTs are far from being a thing of the past, as new projects are emerging on a daily, and popular brands are trying to get involved and offer exclusive NFTs to their communities.

That does seem contradictory, don’t you think?

Sure, the craze isn’t the same as it used to be in 2021, for example. We can blame it on the 2022 crypto market crash, poor marketing strategies or assume that AI is the shiny new toy and the majority of people don’t want to play with NFTs anymore. Two years ago, everybody was talking about the potential benefits of NFTs, and while their growth has leveled off, community members still have high hopes for many projects.

Bored Apes NFT

Source: OpenSea

Just like the crypto market has to crash in order to reach new heights, the NFT market operates on the same principles. NFTs may not be attractive at the moment, but the ever-changing market is yet to surprise us with new heights.

Look at the Elementals collection, which sold out in less than 15 minutes. It might not be the best example because the project was a disaster, and at the end of the day, people weren’t happy with their investments. But we also have to take into account that 10,000 NFTs found their way to buyers in such a short time frame.

Does that look like the NFT community isn’t interested in NFTs anymore?

Of course, project developers might need to change their strategies if they want to receive more attention from the general public and encourage trade. But, despite not being a hot topic, the NFT inner circles are doing alright and surviving both ups and downs the markets bring to collectors.

Jelena is a content writer dedicated to learning about all things crypto. Her hobbies are playing chess, drawing, baking, and going on long walks. During winter, she usually spends her leisure time reading books.