BAYC Monkey NFT prices plummet 90%: from peak to abyss

The trajectory of Bored Apes Yacht Club perfectly illustrates the volatility of crypto trends. These digital monkey NFTs, once considered prestigious investments, experienced a spectacular crash. From their all-time highs of over 120 ethers in 2022, the NFT monkey prices dropped to just over 10 ethers—a staggering 90% collapse.

In dollar terms, the picture remains equally bleak. When Ether was worth around $3,000 in 2022, each NFT monkey was trading for over $400,000. Today, with Ether at approximately $1,990, the digital monkey prices hover around $20,000. This sharp decline demonstrates the market’s fragility.

From euphoria to disillusionment: how BAYC collapsed

The Bored Apes Yacht Club collection consists of 10,000 unique digital monkeys generated by algorithm on the Ethereum blockchain. Each creature has specific traits—some extremely rare—that once determined its market value. Owners enjoyed exclusive benefits: access to private online clubs, in-person events, and most notably, the prestige of displaying these NFT monkeys as profile pictures, the ultimate symbol of digital wealth.

During the 2021 bull market, BAYC skyrocketed in popularity. High-profile celebrities rushed to acquire these monkeys, some paying over $300,000 each. Singer Justin Bieber made headlines by purchasing a “rare” one for over $1.2 million. Rappers showcased their creations in virtual worlds. The frenzy was palpable, and the prices of digital monkeys soared.

But in June 2023, confidence was shaken. Reports suggested that MoonPay, a crypto services company, may have offered some Bored Apes to these same celebrities—potentially invalidating their prestigious purchases as legitimate investments. Although MoonPay denied these claims, doubt crept into investors’ minds, accelerating the decline.

A market shifting targets

BAYC’s decline is part of a broader trend. Retail investor interest in NFT collections on Ethereum has cooled significantly. CryptoSlam data shows that daily trading volumes have stagnated around one million dollars since 2022—a poor showing for a once-dominant sector star.

Meanwhile, new collections on Bitcoin and Solana are capturing investor attention. These emerging platforms offer fresh narratives and new promises, attracting those who have grown tired of the Ethereum market.

Despite this decline, Bored Apes remains the leading NFT collection on Ethereum, with a market cap of $340 million. However, this figure masks a concerning concentration of power: about 20% of all digital monkeys are held by just ten wallets.

The lesson of NFT monkey prices: when virality replaces value

The story of BAYC is instructive. It shows how viral crypto trends can artificially inflate prices far beyond any fundamental justification. When celebrity hype and media buzz become the main drivers of value, a fall is inevitable.

Investors who bought at the peak—some paying hundreds of thousands of dollars for these digital monkeys—face massive losses. For current holders, prospects remain bleak. The dream of sustainable digital wealth has evaporated, replaced by the bitter reality of collapsing prices and lost confidence.