Once hyped about, ApeCoin, the token extension of the BAYC NFT collection, seems to be completely out of vogue.
Remember the days when non-fungible tokens (NFTs) were so buzzed about?
Well, apparently they're gone – just like the value of Apecoin, the token extension of one of the most well-known NFT collections, the Bored Apes Yacht Club (BAYC).
According to Coingecko’s data, value-wise, the coin is doing – diplomatically put – rather poorly.
ApeCoin price dynamics. Source: Coingecko
Over the year, it has lost 79.7% of its value, with the coin now trading at $1.12. To compare: in September 2022, its price was $5.75.
These price dynamics play into those identified earlier by dappGambl in their research piece dubbed “Dead NFTs: The Evolving Landscape of the NFT Market”. According to it, 95% of people owning NFT collections are currently holding onto worthless investments.
Price-wise, the situation is also bad. According to the findings, less than one percent of NFTs are listed at more than $6,000. Meanwhile, the most expensive collections are priced between $5 and $100.
In spite of the report’s gloominess, authors still emphasized that the NFTs may become in vogue again should they manage to find a new real-life purpose. To that end, ApeCoin DAO has recently approved a proposal put forward by Animoca Brands co-founder Yat Siu. It includes plans to secure 750,000 APE tokens from the ApeCoin treasury to fund a community-governed NFT vault. These tokens would span the art, music, virtual worlds, and gaming niches, among others.
Previously, GNCrypto shed light on what happened to Justin Bieber’s NFTs.
