In a sign of the crash in interest over NFTs, the second-rarest Bored Ape NFT has gone under the hammer this week for just $370k – a far cry from the $3.4 million a similar item raised just two years ago.
- The BAYC NFT (#3953) was sold for 200 ETH, which at the time of writing amounts to slightly more than $370k.
- The NFT was ranked as the second rarest within the collection.
- The NFT would have expected to command a significantly higher price during the peak hype of NFTs in 2021 or 2022.
- Yuga Labs, the company responsible for the Bored Ape Yacht Club, expressed their disinterest in getting involved or expressing opinions regarding sales that take place within their collection.
- The NFT industry is facing challenges in regaining its previous levels of value.
Sold NFT was Apparently BAYC’s Second Rarest Item
The BAYC NFT (#3953) was sold for 200 ETH, which at the time of writing amounts to slightly more than $370k. This came as a shock to many, as the item was ranked as the second rarest within the collection by many, including the rarity ranker website Rarity Sniper.
NFT Sale has no impact on Yuga’s Operations – Spokesperson
Yuga Labs, the company responsible for the Bored Ape Yacht Club, expressed their disinterest in getting involved or expressing opinions regarding sales that take place within their collection. A spokesperson from the Yuga Labs team emphasized their primary focus on creating exceptional experiences for their communities and expressed enthusiasm for the upcoming projects they have in store.
Will the NFT Market Recover?
The NFT industry experienced a remarkable surge in value within a short period during the previous bullish market. However, similar to cryptocurrencies that operate on blockchain technology, NFTs have also faced challenges in regaining their previous levels of value. The value of NFTs is primarily derived from the status and experiences associated with owning them. However, when the NFT market experiences a decline or lacks ongoing excitement, investors may question the value of these assets and choose to sell them. The long-term sustainability of generative profile picture NFTs, which were once popular, remains uncertain.
Hot Take:
The recent sale of the second-rarest Bored Ape NFT for a significantly lower price than expected is indicative of the waning interest in NFTs. The decline in value and lack of communication from NFT projects like Bored Ape Yacht Club raises concerns about the future of the NFT market. While NFTs focused on creativity and artistic value may see increased demand, the long-term sustainability of other types of NFTs remains uncertain. The volatility and uncertainties in the broader blockchain and digital asset market also contribute to the challenges faced by NFTs.
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