Non-fungible token (NFT) investors who held out hope for a market recovery have, at least so far, encountered a different reality.
Two representative collections, such as Bored Ape Yatch Club (BAYC) and Mutant Ape Yacht Club (MAYC), highlight the situation of the collectible token market.
BAYC is the top NFT collection by market cap at $341 million. However, the minimum price of this collection fell to an amount as low as that reached in 2021, a fact that can be seen in the following graph.
Currently, the base price of the NFTs in the BAYC collection is 10.73 ETH.
In contrast, BAYC's highest base price was 153 ETH in April 2022. This means that there was a drop in the price of NFTs of 92%.
The Bored Ape Yatch Club collection is in clear decline after having been on the lips of several celebrities and Hollywood artists in 2021.
For example, the host of "The Tonight Show", Jimmy Fallon, showed a BAYC on his account on the social network X. «I just bought my first NFT, through MoonPay, which is like PayPal, but for cryptocurrencies. “I bought a Bored Ape,” he said on that occasion.
Another case was that of the American singer Post Malone who showed in one of his music videos how he acquired a BAYC also through MoonPay, a company that is in charge of managing the purchase of NFTs with high prices.
In the audiovisual piece, the artist is seen with a mobile phone in his hand entering the platform and simulating the acquisition of BAYC collectible #961.
The price of another NFT collection that has also been affected is that of MAYC. The current base price is 1.7 ETH ($5,185), while its all-time high was 39 ETH (118,000) reached in April 2022, as seen in the following graph.
It should be noted that both BAYC and MAYC were developed by the company Yuga Labs.
Another of the best-known and longest-lived collectibles are the CryptoPunks, which, although they have not been as affected as the two aforementioned collections, their minimum price also reached 2021 levels.
At this time, the base price of these NFTs is 39 ETH ($118,000), a price similar to what it had in 2021. Its all-time high price was 125 ETH ($381,000) in August 2021, as seen in the following graph.
Given the arrival of a bull run for the world of cryptocurrencies, some analyzes also predicted a boost for the NFT market, but everything indicates that this is not the case.
For example, CoinMarketCap assured a month ago that investors in the NFT sector still have opportunities to generate significant income. This is because the current market of $4.6 billion is expected to reach $65.7 billion by 2027.
However, current market prices show that NFT prices are in the doldrums and there does not seem to be any recovery, at least in the near future.
The market, for now, seems more interested in other trends within the cryptocurrency industry, such as artificial intelligence tokens and those linked to real-world assets (RWA).
