Due to a robust start to the year, the ground prices of high collections similar as Bored Ape Yacht Club and CryptoPunks are declining in February. During the latest NFT downturn, the Bored Ape Yacht Membership appears to be the hardest hit of all main NFT tasks. The most affordable Bored Ape NFTs sold at the beginning of the month would have cost patrons 118 ETH, roughly $320k at present rates. Prices for Bored Ape Yacht Membership NFTs have risen. This was due to superstar purchases and rumors that the NFT will be appearing in Super Bowl LVI halftime show.
The Tremendous Bowl this year had no Bored Ape in sight for the hundreds of thousands tuned in on Feb.13. NFTs in February are expected to be down by nearly 30% from their all-time highs. A high assortment that appears to be retracting from earlier declines is Bored Apes, which missed expectations. CryptoPunks, one of the first collections to be created on Ethereum, has seen its ground value for its pixel character avatars plummet.
Following Visa’s announcement in August that it had purchased a CryptoPunk. The gathering’s ground value stood at 122.5 ETH or just under $333k at the time. CryptoPunks’ lowest price has risen to 63.44 ETH. Despite a number of turbulent months and a lack of engagement from the project’s creators. Punk’s ground value fell from 84 ETH to 77 ETH. This happened during the month of February, a decrease of 24% on the month.
Although the value of these expensive collections is declining, there remains a strong demand for more affordable collections. Releases such as Azuki and mfers have firmly established themselves as a few of the busiest NFTs in recent weeks. Most of the time, volume on the top NFT market, OpenSea, remains excessive, topping $100 million every day.
While the future of collections like Bored Ape Yacht Club and CryptoPunks remains unclear. It is likely that their overvalued valuations will endure. There are skeptics in the crypto community who believe that the current valuations are unsustainable. @KeyboardMonkey3 recently tweeted that he is not satisfied with the current state of the NFT project. He stated:
“Just about able to wager my life a membership to the bored ape yacht membership will price lower than 20 eth inside a 12 months… idk tho!”
The NFT Mania is subsiding and declining
High-value NFTs are also undergoing a cooling-off period. Additionally, CryptoPunks creator Larva Labs has faced criticism for taking a tough stance against copycats. And recently taking controversial action against V1 Punks, the original CryptoPunks copycats. Bored Ape NFTs have, however, been purchased by speculators in anticipation of higher value due to guarantees of a Bored Ape Yacht Membership game. Plus rumors of funding from Andreessen Horowitz. The Larva Labs and United Expertise Company have signed a deal that allows the CryptoPunks’ IP to be utilized in film, TV, video games, and different media. No matter how the cost pattern evolves, 2022 is poised to be a landmark year for these high-value NFT collections.