Boring Monkey BAYC fell below 10 ETH, evaporating 93% from its historical high! Can NFTs be rekindled?

In the last bull market, the cryptocurrency industry set off an NFT craze. In April 2021, Yuga Labs launched Bored Ape Yacht Club (BAYC) and became one of the most popular PFP NFT projects. The initial price was only 0.08 ETH, but by May 2022, the BAYC floor price hit 153.7 ETH (approximately an all-time high of $471,000).

However, since then, the BAYC trend has gradually subsided, and the floor price has continued to decline. Even if Bitcoin restarts a new bull market, there has been no significant increase. According to CoinGecko data, the floor price of BAYC has fallen below 10 ETH this month and is now at 9.44 ETH (about 29,000 U.S. dollars). It has dropped 72% in the past year. Compared with the historical high reached in May 2022, It has plummeted 93.9%.

In addition, according to CryptoSlam data, in the past 30 days, BAYC’s sales were only US$12.51 million, and only 363 transactions were completed. In the past 24 hours, BAYC completed only 6 transactions, and the transaction activity was quite bleak.

As to why BAYC continues to lose popularity and floor prices continue to plummet, BAYC #7052 holder posted an article last month pointing out that there are only a few thousand people still in the BAYC community, and the determining factor of price is not the product, but the price. It’s the brand and the demand: Quality may make you spend $10 on a T-Shirt, but spending $1,000 on a T-Shirt isn’t about quality, it’s about prestige, flexibility, status, branding, and storytelling. Until NFT becomes popular again, don’t expect higher floor prices.

Celebrities suffered heavy losses when buying BAYC

It is worth noting that during the heyday of BAYC, many celebrities purchased BAYC at high prices and used their BAYC as avatars on social media and as a symbol of social status in the virtual world. However, Nowadays, these celebrities are facing great losses. Here is a quick inventory of how much losses these celebrities have suffered so far.

Justin – BAYC#3001

The well-known Canadian singer Justin Bieber is the best representative of buying BAYC at a sky-high price. He bought BAYC#3001 for about 500 ETH in January 2022. The converted value at that time Approximately $1.31 million.

If calculated based on the current floor price of approximately US$29,000, the amount of Justin’s floating loss is approximately: -1.28 million US dollars

Neymar – BAYC#5269

Brazilian football superstar Neymar traded as much as 189.69 coins in January 2022 BAYC#5269 was purchased at the price of ETH (approximately US$569,531), and BAYC#6633 was purchased at the price of 159.69 ETH (approximately US$480,359).

If calculated based on the current floor price of approximately US$29,000, Neymar’s floating loss amount is approximately: -US$990,000

Eminem – BAYC #9055

is known as one of the greatest rappers of all time Marshall Bruce Mathers III purchased BAYC#9055 on New Year’s Eve 2021 at a price of 159.69 ETH (approximately US$453,776).

If calculated based on the current floor price of approximately US$29,000, Eminem’s floating loss amount is approximately: -US$420,000

Snoop Dogg – BAYC#6723

As an OG player in the NFT field, Snoop Dogg is In December 2021, he purchased BAYC #6723 with only 7.5 ETH (approximately US$23,025). He is one of the few celebrities who can still make a profit from purchasing BAYC.

If calculated based on the current floor price of approximately US$29,000, the floating profit amount is approximately: +US$6,000

Madonna – BAYC#4988

Madonna Louise Ciccone, known as the "Queen of Pop" BAYC #4988 was purchased in March 2022 at a price of 180 ETH (approximately US$466,461).

If calculated based on the current floor price of approximately US$29,000, Madonna’s floating loss amount is approximately: -US$440,000

Paris Hilton – BAYC#1294

Paris Hilton, a member of the Hilton family and TV personality, in 2022 In January of this year, I bought BAYC#1294 at a price of 119 ETH (approximately US$287,055).

If calculated based on the current floor price of approximately US$29,000, Paris Hilton’s total floating loss: -US$260,000

In addition to the above-mentioned celebrities, there are many other celebrities who have purchased BAYC, such as Jimmy Fallon, Post Malone, Shaquille O'Neal, Stephen Curry... etc. Their purchase price and current degree of loss may be different, but it is certain Yes, due to the sharp drop in floor prices, almost all holders have faced considerable book losses; but for these celebrities, these losses may only be a drop in the bucket.

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