Bored Ape Yacht Club NFTs Drop Below $100K for First Time since August‍

‍Bored Ape Yacht Club, one of the most popular Ethereum NFT collections, hits a low entry price not seen since late August as the cryptocurrency market struggles.

Celebrities buying ape images from the Bored Ape Yacht Club alongside seven-figure sales have served as a crucial indicator of rising valuations in the NFT industry. However, the Ethereum profile picture collection is now demonstrating just how much the NFT demand has decreased amid a broader crypto market slump.

‍Bill Gates, a tech billionaire and currently the fourth-richest person in the world, spoke at the TechCrunch Climate Change conference on Tuesday. He discussed the development of society's support for the climate movement, the state of the world economy, and his doubts regarding non-fungible tokens (NFTs).

In his interview, Gates specifically mentioned the Bored Ape Yacht Club collection, calling it “obviously, expensive digital images of monkeys are going to improve the world immensely,” adding, “We all agree on that.” 

According to NFT Price Floor, the current price for a Bored Ape Yacht Club NFT, or the cheapest available item listed on a secondary market, is $92,404, or 83 ETH. The website's data shows that the price dropped overnight to as low as $91,741.

In regards to ETH, the collection has seen a 47% decrease, that's still a remarkable statistic, but it also illustrates how the decline in the price of Ethereum has affected the estimations of NFT collections. Since the collection soared alongside the larger NFT market in August 2021, The Bored Ape Yacht Club hasn't seen a floor price below $100,000.

Over the past month, the value of every major NFT collection has decreased significantly. Bored Apes have lost 54% of their value in USD over the past 30 days, while CryptoPunks have lost 48% and the more recent Moonbirds have lost 62%.