If NFTs Are Dead, Why Are Bored Apes Still Fetching $100k-Plus? (2022)

Someone please tell the Bored Ape Yacht Club that NFTs are dead, because no one is listening.

Most of these top Bored Ape NFTs – digital art that people either use to make art galleries or pin up to their wall in a frame in their NYC penthouse – still go for over $120,000. For some reason, Bored Ape #6588 just sold for $1.17 million.

Indeed, even as headlines herald the NFT implosion of 2022, such obituaries ignore what's really going on. The NFT craze isn’t going to turn out teenage millionaires every day anymore. With little hype left, investors will have to focus on real-world applications of NFTs, if they can find them.

Despite the weak digital assets market, the average price people paid for an NFT is up 2.5% to $371. Buyers are down 10.3%. Sellers looking to offload are down 16%. Overall sales are down around 10% to $10 million and change, according to the Non-Fungible Market Tracker.

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People are struggling to sell their big-ticket NFTs. The Malaysian businessman who bought an NFT of Jack Dorsey's first tweet for $2.5 million last year struggled to get bids of more than a few hundred dollars when he tried to resell it in April this year. Maybe buyers realized that JPEGs aren’t worth millions of dollars.

That doesn’t mean NFTs are dying, as many of them are needed for games or special club memberships, like the Bored Ape Yacht Club. For investors in NFT platforms or the digital art itself, it means the speculative frenzy is over.

“The hype around JPG NFTs and their over-night millionaire stories helped to make people get familiar with the emerging Web3,” thinks Theresia Le Battistini, CEO & Founder of Fashion League, a game for would-be fashionistas who are ready to give blockchains a shot. “No matter the market situation, NFTs are the most interesting improvement in blockchain technology. NFTs are more than just images,” she says, calling them “unique digital assets” that often have a use case. “It could be for ticketing, shopping or gaming apps…NFTs will be present and will be the driver for Web3 mass market adoption, I think,” she says.

Oren Langberg CMO at MonkeyLeague, another blockchain game that uses in-game characters you can buy and sell, says that after the dust settles on the NFT bubble, “we will see, and are already seeing, NFTs with more actual utility and those are the ones that will survive the market volatility.”

Time for a commercial break. What is an NFT anyway?

NFT stands for non-fungible token. It’s generally built using the same kind of programming as cryptocurrency. An NFT is a digital asset that is almost always artwork (like Bored Monkey), but can be music, videos and items for use in games – things like magic swords or other items these digital characters can use in this online (mostly gamer) world.

They are bought and sold online, frequently with cryptocurrency, and they are generally encoded with the same underlying software as many cryptos. NFTs are also supposed to be one of a kind and have unique identifying codes.

The NFT boom began in 2021. It turned hundreds of artists and influencers into overnight millionaires. As the hype went on, with Tom Brady and Cristiano Ronaldo getting in on the act, famous people began using NFTs as a fan engagement tool. Ronaldo sold one last year for $290,000. Binance, a crypto exchange, signed him up to join the NFT grist mill in June.

Global NFT sales in July 2022 stood at $647 million with 532,378 unique buyers and 5.6 million transactions. In January 2022, global NFT sales were roughly $4.78 billion with 1.07 million unique buyers and corresponded to 9.36 million transactions, led by Loot, Bored Ape and Crypto Punks – the Canadian makers of these pixilated headshots that look like something out of Atari 2600.

Last year, someone spent nearly $17 million at a Christies auction on a bundle of Crypto Punk NFTs. The buyer walked out without having to carry a picture frame.

NFT Darwinism: Only the Strong Survive

NFTs are a strange security for sure. Outside of buying digital furniture in a digital world, why would someone want a collection of Crypto Punks that exists in the cloud, and not a 5x5 painting of them on canvas that only you own?

Last year, R&B singer Trey Songz sold an “NFT album,” allowing supporters to directly buy from him rather than the label. Why Songz needed an NFT for that is beyond my intellect, but I wish, as a cryptocurrency investor, I understood the difference between Songs making an NFT album and him creating a website and sell his music direct to consumer that way instead of through a record label or iTunes?

Gaming seems to be the perfect use-case for NFTs, and everyone knows the video game market, be it PlayStation or a blockchain game played by a niche audience, is a growing market. However, this is more geared towards the blockchain Web3 gamers and not traditional games so much.

For example, late last year, Electronic Arts EA CEO Andrew Wilson called NFTs an important part of “the future of our industry.” But in an investor call this winter, the icon Madden and FIFA video game publisher told investors that NFTs were “not something we’re driving hard on.” He likened them to past venture capital fads for gamers, such as 3D, AR AR and now VR games.

“With every new innovation a lot of new startups pop up and a frenzy begins, while in bear markets the true builders put their head down and keep building,” says Hosam Mazawi, Co-Founder of Snook, a play-to-earn Gamefi. “There are a lot of unexplored territories in NFTs and their use cases. We introduced the first activity-tied staking that provides brands or any interested group of gamers to host their own branded environment within our platform,” he says.

“The gaming industry was the first to see NFTs potential,” says Val Maincard, CEO and founder of Maincard.io, a fantasy sports management platform that offers NFT cards for guessing the results of fights in the world's major sports matches. “The use of NFTs as an in-game currency gives it the most important quality – which is liquidity. This is the most valuable feature of a product in the long run. Do people want it, or not?”

Some real estate companies have also tried to create digital worlds where you would buy NFTs – which might be like the penthouse suite, a cool living room set – and maybe you can have virtual meetings there. If seems like a fantasy market, with the usual potential for massive run ups in prices. If investors catch the bulls running at the right time, they’ll be in front of the line, safe from harm. Catch that run late, and you risk dealing with that raging bulls pointy horns.

“The big mistake people are making is equating images of cartoon animals with the underlying promise of the technology that makes NFTs possible,” says Neil Stevenson-Moore, Chief Business Officer at the House of Kibaa in Vancouver. House of Kibaa is Canadian digital agency Looking Glass Labs's main brand, and is a Web3 design studio for the NFT and metaverse sectors. “At its heart, all an NFT does is prove ownership of something digital. And in a world where literally everyone is addicted to a digital device in their pocket - it’s insane to think this technology isn’t going to be transformational,” he says. “At House of Kibaa, we’re happy that the first wave of madness has passed. This way the true innovators will start to emerge.”

Investors who have been chasing NFT plays this year have lost almost everything. Enjin Coin ENJ and Axie Infinity AXS2 are down over 80% year-to-date.

The cryptocurrency market loves a shakeout. Remember, they all loved the death of the initial coin offering because that was going to usher in serious projects rather than garbage coins and scams. The death of the ICO eventually pushed Bitcoin to nearly $60,000. Will the bloodbath in NFTs eventually lead to significant gains from here for the best in the business? For sure, it will. Which one it is, though, is anybody’s guess.

Twitter TWTR , Reddit, and Instagram have announced plans to support NFTs for creators. Famous venture capitalist Gary Vaynerchuk launched an NFT collection called VEEFRIENDS to give exclusive access to his annual conference.

“The awareness only means that the future looks extremely promising and hopeful for NFTs,” thinks Ramkumar Subramaniam, co-founder & CEO at Jump.trade, an NFT marketplace in India. “This will create a new community of purpose-driven collectors rather than those driven by short-term profit.”

*The author of this article owns enjin coin and bitcoin.

FAQs

Why are Bored Apes NFT worth so much? ›

Why Is The Bored Ape So Expensive? Bored Ape NFTs are expensive because they're rare. Each Bored APE has a unique design, some of which can be customized using mutations! Owning a Bored Ape NFT unlocks exclusive benefits like access to discord and community events that even rich celebrities attend.

Is NFT market dying? ›

To cut the hype short, the market has been plummeting, leaving investors worried with massive losses and raising concerns about the future of NFTs. Moreover, the price of selling an NFT has dropped almost 50 per cent since the late 2021 peak to around $2500 recently.

Are Bored Ape NFTs randomly generated? ›

No two images are alike and each Bored Ape is randomly generated from over 170 possible traits, which include expressions, headwear, clothing, and much more. Some apes have rarer traits than others and the rarer the trait, the higher the value. The apes are stored as tokens on the Ethereum blockchain.

Are Bored Apes still valuable? ›

Most of these top Bored Ape NFTs – digital art that people either use to make art galleries or pin up to their wall in a frame in their NYC penthouse – still go for over $120,000.

Why are people buying Bored Ape? ›

Bored Ape art is not only valuable because it serves as a digital identity—but also because of the accompanying commercial usage rights. Not only can Bored Ape owners re-sell the NFT for a profit, but they can also sell spinoff products based on the art.

Who started Bored Ape? ›

Development and function
Founded2021
Founder(s)Greg Solano ("Gargamel") Wylie Aronow ("Gordon Goner") Zeshan Ali ("No Sass") Kerem Atalay ("Emperor Tomato Ketchup")
CEONicole Muniz
IndustryCryptocurrency
URLyuga.com
1 more row

Are NFTs failing? ›

While many people hope to make heaps of real money from their non-fungible token (NFT) artwork ventures, 99% of the projects across the globe are more likely to fail and be worthless in the long-term.

Why NFT decline? ›

The massive spike in the NFT market was driven by FOMO (fear of missing out), but now that prices have declined significantly, investors are worried about making a shaky investment. As companies are simply selling basic digital assets, this has caused investors to lose interest in the NFT market.

Are NFT declining? ›

The third quarter of 2022 saw $3.4 billion in NFT sales, down from $8.4 billion the previous quarter and $12.5 billion at the market's peak in the first quarter of the year, DappRadar said.

Is it illegal to screenshot an NFT? ›

The only person that can't come after you is the NFT owner, since they don't own the copyright to the work or the website that you are posting to, all they own is a link to a copy of a piece of artwork. Can you get sued for screenshotting an NFT? Now, you will not get sued for taking screenshots an NFT.

What is the most rare Bored Ape? ›

The most expensive Bored Ape Yacht Club NFT of all time is Bored Ape #8817, which sold for the towering sum of $3.4 million. Bored Ape #8817 was auctioned at the prestigious auction house Sotheby's, continuing the NFT digital art market's journey to respectability in the eyes of collectors and investors.

How much is the cheapest Bored Ape? ›

Did you know that the cheapest Bored Ape Yacht Club NFT is at around 152 ETH which translates to roughly $429,000? The launch of Otherdeeds metaverse seems to have triggered the Bored Ape NFT price hike which is now its floor price.

What makes a bored ape rare? ›

In addition to having an unalterable limit of 10,000, Bored Apes come with different “traits” that make each one unique. Bored Apes with rarer traits or rarer combinations of traits tend to command higher prices. Traits include different clothing, hats, accessories, and fur colors.

Why is ape coin dropping? ›

The crypto token attached to Bored Ape Yacht Club experienced a drop after tech entrepreneur Jeff Huang put his Bored Apes and Mutant Apes up for sale. The ApeCoin crypto token's price slipped a bit this week after one of Bored Ape Yacht Club's biggest followers began liquidating his holdings within the project.

What is going on with Bored Ape Yacht Club? ›

U.S. Securities and Exchange Commission Opening Investigation Into Bored Ape Yacht Club NFT Creators: Report. Federal regulators are reportedly investigating the creator of the Bored Ape Yacht Club (BAYC) non-fungible token (NFT) collection for potential violations of federal laws during the sale of digital assets.

How long did Bored Apes take to sell out? ›

BAYC sold out 12 hours later. Notably, the BAYC team said in interviews that they didn't communicate with Pranksy ahead of the sale. Over the next month, one significant thing started to happen: Ape secondary sales began to pick up fast.

Is it worth buying a Bored Ape? ›

Bored Ape Yacht Club definitely isn't a good investment, and it's also not even a realistic investment for most people. The prohibitive cost puts these NFTs out of reach for the average investor.

How does Bored Ape Yacht Club make money? ›

Bored Ape Yacht Club, also known as BAYC, is a non-fungible token (NFT) collection of 10,000 cartoon-like apes. Rarity, utilities, and celebrity endorsement drive the high price of the BAYC collection.

Who is the king of NFT? ›

The King, Ronnie Coleman, has created an NFT Series consisting of 1,419 limited edition (1,410 General and 9 1/1 Auctions) NFTs which include his 9 most iconic poses over his eight consecutive years as reigning Mr.

What was the original Bored Ape price? ›

Bored Ape Yacht Club NFTs cost $190 at launch last April. Now they go for over $400,000. NFTs have been around for five years, but the nonfungible token boom only truly began in 2021.

What year did NFT start? ›

This is in contrast to the multi-unit, fungible, metadata-less "colored coins" of other blockchains and Counterparty. In October 2015, the first NFT project, Etheria, was launched and demonstrated at DEVCON 1 in London, Ethereum's first developer conference, three months after the launch of the Ethereum blockchain.

How many NFT project fail? ›

ABOUT 80% of NFT PROJECTS ARE GOING TO FAIL!

How many people own an NFT? ›

Notably, the number of wallets trading in NFTs expanded considerably in 2021, from roughly 545,000 in 2020 to around 28.6 million in 2021. The most valuable items were usually the most volatile.

Why is crypto crashing? ›

Why is crypto crashing? Crypto's price moves can be affected by interest rates, inflation and other macroeconomic factors that can affect how confident people feel investing their money in risky alternative assets.

Is the NFT hype over? ›

Hype skyrocketed—but it didn't last. While the average sale price for a Loot NFT soared to over 21 ETH, or about $84,000 at the time, the speculative frenzy soon faded. Prices fell, volume slowed, and the buzz quieted in the weeks that followed its launch.

How much is gas for a NFT? ›

The gas calculation formula is: 21,000 (gas limit) x (50 (base fee) + 15 (Tip)), or 21,000 x (50 + 15). This returns a total gas fee of 1,365,000 gwei or 0.001365 ETH. 3. When James mints the NFT, 1.001365 ETH will be charged from his wallet.

What is the most expensive NFT? ›

Beeple, Human One: $28.9 million (4700 ETH)

Why it's valuable: HUMAN ONE is an NFT like no other. As the first-ever physical piece from the acclaimed artist, both the NFT and the electronic sculpture went up to auction as a single lot.

How many NFTs have been sold? ›

As of April 15, 2021, roughly 28.4 thousand NFTs were sold in the art segment during the previous 30 days. As of October 15, 2022, the aggregated number of sales recorded on the Ethereum, Ronin, and Flow blockchains over 30 days was around 25.4 thousand.
...
CharacteristicPrimary salesSecondary sales
---
---
11 more rows

How big is the NFT market? ›

BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated the global the global non-fungible token (NFT) market size was USD 4.36 billion in 2021.

Did the NFT bubble pop? ›

Since the peak of NFT prices in May 2022, OpenSea's NFT market has experienced a drop of 99% in transaction volume, which means that the NFT bubble has burst. Keep in mind that OpenSea is one of the two largest NFT marketplaces, which is why performance on this market matters to the broader NFT industry.

What happens if NFT wont sell? ›

Lack of Hodlers. Another reason that items in NFT collections fail to sell is a lack of collectors wanting to hodl their investment. Some of the hottest collections out there suffer from flippers looking to buy low and sell for a modest or even high profit.

What happens if I screenshot an NFT and sell it? ›

Yes, you can sell the screenshot. But, no one will buy a screenshot from you since they can make their own from your NFT. What you are selling when you sell the NFT is really the one of a kind blockchain information. Since that can not be copied it makes it valuable.

What happens if someone screenshots your NFT? ›

Having an NFT screenshot on your phone doesn't give you digital ownership over the image. A screenshot confers no value and enables nothing in the way of appreciation. Another thing to remember is that NFTs aren't just digital assets that people hold to flip for a profit.

What are mutated Bored Apes? ›

A Mutant Ape is any NFT that is part of the MAYC NFT collection. While the Bored Ape NFT collection has a total of 10,000 NFTs, there are twice as many Bored Ape Yacht Club Mutant Apes. Half of them were auctioned off for ether (ETH) via a process that allowed users to mint a MAYC NFT after placing a successful bid.

Who bought Bored Ape 2087? ›

In Brief: An anonymous buyer spent 769 ETH to purchase the Bored Ape Yacht Club NFT #2087.

What is the cheapest place to buy NFTs? ›

Crypto.com has one the most accessible price ranges for NFT art. All you have to do is sign up, for free, and then you can peruse the marketplace of upcoming and past drops.

Who invented CryptoPunks? ›

CryptoPunks was created by Larva Labs, a two-person development team working on all sorts of projects from mobile games and utilities to web infrastructure to digital design and art. The team developed a pixelated character generator with inspiration from the London punk scene and cyberpunk films and novels.

How much Ethereum Do you need to buy the cheapest Bored Ape? ›

The cheapest ape with gold fur goes for more than $2 million, while cheaper apes sell for around $300,000. While all BAYC NFTs are extremely expensive, some have rare features that make them even more expensive.

Which celebs have Bored Apes? ›

Aoki also holds eight Bored Ape NFTs and a couple of Mutant Apes, as well, alongside plenty more NFTs.
  • Steve Aoki. @steveaoki. · Follow. ...
  • KSICRYPTO. @ksicrypto. · ...
  • Mike Shinoda. @mikeshinoda. · ...
  • marshmello. @marshmello. · ...
  • MOTION GANG CEO. @richthekid. · ...
  • Jimmy Fallon. @jimmyfallon. · ...
  • FUTURE/FREEBANDZ. @1future. · ...
  • Lil Baby. @lilbaby4PF. ·

How high could Ape coin go? ›

According to the technical analysis of ApeCoin prices expected in 2022, the minimum cost of ApeCoin will be $4.79. The maximum level that the APE price can reach is $5.25. The average trading price is expected around $4.97.

What will ape coin be worth in 2025? ›

ApeCoin price prediction May 2025: ApeCoin's price for May 2025 according to our analysis should range between $12.51 to $14.39 and the average price of APE should be around $13.45.

Which crypto will boom in 2022? ›

Ethereum. The second largest crypto by market cap is likely to grow in 2022 and 2023, according to crypto enthusiasts. According to some predictions, Ethereum could reach a worth between $8,000-$10,000 by the end of 2022.

What is a bored ape NFT worth? ›

In the last 24 hours, the price floor of Bored Ape Yacht Club is down 3.21%. The 7D average sale price is 81.149 ETH, the 7D highest sale price is 120.61 ETH and the 7D lowest sale price is 68.26 ETH. The project is currently ranked #1 in NFT Price Floor with a floor cap of 696,900 ETH.

How much is the monkey NFT worth? ›

The Bored Ape Yacht Club is one of the most prestigious NFT collections in the world. A collection of 10,000 NFTs, each depicting an ape with different traits and visual attributes, Jimmy Fallon, Steph Curry and Post Malone are among their star-studded owners. Right now the price of entry is 52 ether, or $210,000.

What is the most valuable bored ape? ›

The most expensive BAYC NFT is Bored Ape #8817, which sold for the towering sum of $3.4 million. While it isn't the rarest NFT in the collection (it's listed as the 17th rarest at Rarity Tools), its desirability comes from its combination of rare traits.

Why is ape coin dropping? ›

The crypto token attached to Bored Ape Yacht Club experienced a drop after tech entrepreneur Jeff Huang put his Bored Apes and Mutant Apes up for sale. The ApeCoin crypto token's price slipped a bit this week after one of Bored Ape Yacht Club's biggest followers began liquidating his holdings within the project.

Was BAYC a free mint? ›

As mentioned above, they were minted at a price of 0.08 ETH each in April 2021.

How much did Bored Apes mint for? ›

Here's a look at how much an original investment in Bored Ape Yacht Club is worth now. Investing $1,000 in Bored Ape NFTs: Based on a mint cost of 0.08 ETH and a cost of around $236, an investor could have purchased four Bored Apes for around $1,000 based on the mint cost and associated gas fees.

Whats the cheapest Bored Ape I can buy? ›

Top 5 Cheapest Bored Ape NFTs
  • Bored Ape #2260. This Ape is currently advertised on OpenSea for 99.99 ETH (or US$313,175.68) as of the time of writing. ...
  • Bored Ape #1488. On OpenSea, this Ape is currently advertised for 102.5ETH (US$321,037.17). ...
  • Bored Ape #533. ...
  • Bored Ape #3311.

Why is NFT so expensive? ›

In simple terms, the price is high because it's the only painting of its kind in existence, and because one of the 20th century's most brilliant artists created it. This is why a large majority of the most expensive NFT sales we've seen thus far are one-of-one works.

Is it illegal to screenshot an NFT? ›

The only person that can't come after you is the NFT owner, since they don't own the copyright to the work or the website that you are posting to, all they own is a link to a copy of a piece of artwork. Can you get sued for screenshotting an NFT? Now, you will not get sued for taking screenshots an NFT.

Can you screenshot an NFT? ›

In conclusion, you can screenshot an NFT. However, it will never be as valuable as the original asset and only reinforces the point that non-fungible tokens are trying to make in the first place – the value of digital scarcity.

Who all owns a bored ape? ›

Bored Ape owners currently using their NFT as a Twiter profile picture include Timbaland (1.6 million followers), Eminem (22.6 million followers) and footballer Neyman Jr. (55 million followers). Jimmy Fallon and Paris Hilton are also BAYC holders, discussing their Apes in a (cringey) Tonight Show segment.

Who bought bored ape 2087? ›

In Brief: An anonymous buyer spent 769 ETH to purchase the Bored Ape Yacht Club NFT #2087.

How are Bored Apes created? ›

The Bored Ape NFT collection consists of 10,000 apes generated at random. That means trait assignment, including eyes, fur, and clothes, varies wildly from ape to ape. Similar to CryptoPunks, Bored Apes with traits in low circulation tend to get valued highly, while those with a mixture of common traits are less so.

How much does it cost to buy a BAYC? ›

The cheapest ape with gold fur goes for more than $2 million, while cheaper apes sell for around $300,000. While all BAYC NFTs are extremely expensive, some have rare features that make them even more expensive.

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