NFTs became a frenzy all around the world and witnessed a boom in the year 2021. Broader NFT space has seen massive growth in the number of digital artists, digital collectibles, and projects. From CyberPunks to Bored Ape NFTs, they have seen unprecedented heights. However, the digital art space also went through a beleaguered situation similar to the broader crypto market since the start of this year.
Amidst the tender situation like these following the crypto winter, several NFTs treated rare once are being sold at surprising prices. For instance, recently a famous NFT from BAYC collection—Bored Ape #7479—sold for only 99 ETH. The sale price of ape nft is equivalent to over 131.5K USD.
Such a low price is somewhat rare for rare digital art pieces like BAYC, which is among the most popular NFT collections across the space. The BAYC NFT collection is an Ethereum-based ape and mutant-themed collection of NFTs. It consists of 10K such generative digital art pieces also referred to as Bored Apps within the crypto space.
Mostly Bored Apes reflect very much similarities, differentiated by their attributes and traits. The ape nft sold for 99 ETH, for instance, has laser eyes and crown along with golden fur.
Low Price Indicating Downfall of Bored Ape NFT?
Many believe the availability of popular NFTs at such a low price should not be considered a downfall of non-fungible tokens. Considering the growing popularity of the Metaverse and its potential opportunities, digital art pieces are expected to regain their position of being a rare art form to showcase within the digital world.
Although, these digital artworks are not the means of show-off, as they hold many other real-life utilities. For instance, Bored Ape NFTs hold a number of benefits including exclusive parties organized by the creator—Yuga Labs. These parties involve private and exclusive performances of famous artists and members of BAYC club like Lil Baby, and invitation gets available for ape nft holders.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.