Three years ago, everyone fought for it, three years later, no one wants it! What happened to this ape image?
This ape image is completely dead!
Context:
Three years ago, a guy spent $550,000 to buy an electronic 'bored ape'. And now? It's worth only $321. High blood pressure warning!
Why the drop? The truth is very cruel:
Just based on bravado and speculation:
The NFT craze found the frenzy of the cryptocurrency market, with celebrities and influencers leading the use as avatars to flaunt wealth.
The project creators drew a big dream: bragging about private parties, land in the metaverse, and other 'benefits', but in reality, they are all illusions.
The bubble burst, the market froze:
The collapse of the cryptocurrency market caused NFT transaction volumes to plummet by over 90%.
The minimum price of the 'ape' dropped from a peak of over $400,000, directly to $300. Rescue buyer? Not a shadow left!
The benefits are all bounce checks:
The promised exclusive rights either do not appear or are irrelevant, they do not sustain the exorbitant price. In the end, it's just an image!
Common + They woke up:
Counterfeit projects are everywhere, apes, cats, and dogs are everywhere, the uniqueness is gone.
People realized: Why should a useless JPG be worth the price of a house? Ridiculous!
Passing the baton, it can't go on anymore:
The first buyers were mostly speculators wanting to increase the value to profit.
Without new investors coming in as rescue buyers, the price simply crashed. Passing the baton? The last blow fell into its own hand!
Price rollercoaster:
2021: $550,000!
2022-23: < $100,000!
2024: < $5,000!
2025: minimum price $321!
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