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The much-acclaimed collection of NFTs Bored Ape Yacht Club is facing a period of devaluation, reaching its lowest price since August 2021. The drop, now in the spotlight, is generating uncertainty about whether this is a passing trend or a sign of significant change in the Marketplace.

On Monday, the minimum price for Bored Ape NFTs fell to 10.9 Ether (approximately $34,000), marking a 90% drop from the value it reached in April 2022, as reported by NFT Price Floor. This is the first time since August 2021 that the collection has reached such a low value, when it registered 9.5 Ether.

The decline of the Bored Ape Yacht Club

The notable drop in prices for Bored Ape NFTs raises questions about the stability and sustainability of the market. The decline was documented by the NFT Price Floor, which recorded a low value not seen since last year.

The Bored Ape Yacht Club collection, launched in April 2021, was already going through a challenging phase. Despite having the support of several celebrities and being seen as an example of success in the NFT market, its price now reflects a considerable decline.

Historically, Bored Ape Yacht Club has been the largest collection of NFTs in terms of sales volume, surpassing the $3 billion mark, according to data from CryptoSlam.

Changes in management and future perspectives

In February this year, Yuga Labs, the company that owns the collection, made significant changes to its management. Former CEO Daniel Alegre was replaced by Yuga co-founder Greg Solano. Additionally, the company acquired rival Proof, known for its Moonbirds collection.

These changes suggest an attempt to revitalize the collection and face current market challenges.

While Bored Ape Yacht Club was a sensation during the 2021 bull market, it now faces a period of uncertainty. Despite this, it remains one of the top collections of Ethereum NFTs, with a market capitalization of around $340 million.

The Rise and Fall of Bored Ape

Bored Ape consists of a collection of 10,000 digital apes on the Ethereum blockchain, each represented by a unique NFT. The collection’s popularity grew rapidly during the 2021 bull market, with numerous investors and celebrities purchasing the tokens, some of which reached million-dollar values.

Recognized names such as Kevin Hart and Justin Bieber have been associated with BAYC, acquiring and subsequently selling NFTs at substantially lower prices than they were purchased for. Currently, the minimum collection value is well below the 128 ETH ($395,000) recorded in April 2022.

However, in June 2023, reports emerged suggesting that crypto services company MoonPay may have gifted these Bored Apes to some celebrities, which raised concerns about the integrity of the market. MoonPay refuted the allegations at the time.

Despite recent challenges, Bored Ape Yacht Club remains one of the leading collections of Ethereum NFTs, with a current market value estimated at around $340 million.

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