Someone purchased this #NFT for $550,000 3 years ago.
Today, it’s worth about $321😰🥵.
🧠 What Happened to This Bored Ape NFT?
🧩 What is it?
• This image is from the Bored Ape Yacht Club (BAYC), launched by Yuga Labs in April 2021.
• It’s a collection of 10,000 unique Apes, each algorithmically generated.
• BAYC became a status symbol in the NFT space, owned by celebrities like Eminem, Snoop Dogg, and others.
📈 From $550,000 to $321 – What Caused the Fall?
1. Market Hype & FOMO (2021–2022)
• In 2021, NFTs were new and hyped, fueled by:
• Crypto bull market.
• Celebrity endorsements.
• Cultural status (profile pictures on Twitter).
• Exclusive perks like private parties, merch, or metaverse land.
2. The Crash
• Crypto Winter (2022–2023): Bitcoin dropped from ~$69,000 to ~$15,000.
• NFT volume dried up by over 90%.
• BAYC floor price fell from over 100 ETH (~$400,000+) to < 1 ETH today.
3. Utility Fatigue
• BAYC promised exclusive benefits, but many saw them as limited or not lasting.
• The “club” wasn’t enough to hold real financial value.
4. Oversaturation
• Thousands of copycat projects diluted NFT uniqueness.
• The novelty wore off—people realized “JPEGs” without clear utility weren’t worth six figures.
5. Speculation and Exit Liquidity
• Many early buyers were flippers, not believers.
• Once hype cooled, new buyers disappeared, and prices crashed.
📉 From Digital Gold to Digital Ghosts
Year Event Value Estimate
2021 Purchased at peak ~$550,000
2022–2023 Bear market crash begins <$100,000
2024 NFT market almost silent <$5,000
2025 Current floor value ~$321
⚠️ Lessons Learned
• NFTs ≠ guaranteed investment — hype dies, tech evolves.
• Rarity and art alone don’t guarantee value without lasting community, utility, or demand.
• Many NFTs followed the Hyperwave pattern: hype, mania, crash, and long-term stagnation.
