Bored Ape Yacht Club is an NFT based on the Ethereum blockchain and consists of images of a monkey with different clothes and expressions. Monkeys have become one of the most popular digital groups in the world and have sold for as much as $1.4 billion – 12 billion kroner.
This weekend, some NFTs from the group were sold for 88 eth – $ 153,000. This corresponds to a drop of more than 60 percent from 138 Eth previously – $390,000, based on the price of eth at the time, according to data from CoinGecko.
Celebrities like Paris Hilton, Madonna, and Eminem own NFT from the digital collection. Artist Justin Bieber also threw himself in this direction and flipped as much as $1.5 million – 12.9 million kroner for one picture.
weak market
The drop in NFT value from Bored Ape Yatch Club comes at the same time as a general decline in the crypto market. The majority of NFT is based on the cryptocurrency Ethereum, which has fallen by more than 32 percent in the past month. Bitcoin is down 20.40 percent in the same period.
When risk-aversion sentiment is ingrained in the markets, assets at the far end of the risk curve will be squashed, says an analyst at analysis firm IntoTheBlock.
The volume of NFT transactions has also decreased. The world’s largest marketplace for NFT, OpenSea, trading volume has fallen more than 45 percent to $2.53 billion in the past month. The number of active traders also fell 13 percent to 416,419 users, according to data from DappRadar.
However, the analyst believes that the economic downturn may not be permanent.
The analyst concludes that this isn’t the first time that NFT has appeared to be dead, and it won’t be the last.
- Irreplaceable Token: The digital property of a digital object
- It uses blockchain technology to ensure that an item is unique and not pirated
- Often associated with artwork
- The most expensive NFT was an artwork by a digital artist called Beeple. It was sold at auction for $69 million.
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