'It's probably gonna be a huge cry fest.' Plunging crypto markets cast a shadow over the opening of the world's largest NFT conference:
So-called “blue-chip” NFT collections are also troubled. Bored Ape Yacht Club, one of the most popular ethereum NFT projects, withworth of trading volume to date, has seen a drop off amid the market upset. The cheapest available Bored Ape NFT is down more than 13 percent over the past 30 days, at a current price of 80 ETH , perApeCoin, the token of the Bored Ape Yacht Club ecosystem and its future Otherside game, has lost 85 percent of its value. After reaching a high of $27.
All three of these “decentralized” collections, representing the top NFT collectibles, are now overseen by Yuga Labs. Market sentiment is dropping as the voices of NFT critics grow louder in the bear market. Microsoft co-founderthe other day that NFTs are “100 percent based on greater fool theory,” and then added, sarcastically, “Obviously, expensive digital images of monkeys are going to improve the world immensely,”
Adam McBride, who documents the early history of NFTs, keeps a long-term perspective in mind as the wider cryptocurrency market crashes hard. “I’ve said since the middle of last year we would come to an ‘NFTs are BS’ moment at some time during a bear market,” he told Artnet News. “Who knows how low we can go. But I definitely have a number where I’m going to buy a couple of CryptoPunks.”
Meanwhile, people who bought at the top aren’t faring well. Someone who purchased a Bored Ape in early May is down by 70 to 80 percent in dollar terms, said Kim. “