Bored Monkeys and Other Yuga Ethereum NFTs Are Dropping in Price—Why?

Several NFT portfolios created by industry giant Yuga Labs have fallen to all-time low ETH prices—while other NFT projects, including those purchased by the company, are priced on the wings of rising crypto prices.

The Mutant Ape Yacht Club (MAYC), for example, which was released by Yuga in August 2021, has fallen to a minimum floor price of 2.4 ETH. CoinGeckoThe cheapest NFT in the 20,000 PFP collection means you can get it for that price. When the stock first launched, it cost 3 ETH to mine Mutant Ape.

Similarly, other NFTs— Actions for a virtual land in Yuga's monkey-themed metaverse game; other side— ETH prices have been falling steadily over the past year, reaching their all-time low floor last week: 0.21 ETH. The stock has since He recovered a little to 0.23 ETH.

The price of ETH has more than doubled in the past year, and that impressive profit hasn't slowed down the value of Yuga NFTs. Price 305 ApeCoin An Otherdeed mint at the time of collection kick off In May 2022 the total then value is $5,800; Considering ETH's recent impressive growth, the price of 0.23 ETH is only $929.

Yuga marquee NFT collection Bored Up Yacht Club (BAYC) has also seen significant declines in recent months. It costs 152 ETH to buy even the cheapest BAYC NFT Famous-popular Profile Picture (PFP) stock has come off the floor at a fair price 15.29 ETH Writing. The last time Board Up NFTs went for 15 ETH was a few months after the launch of the set, in August 2021.

It's true that 15 ETH is now double the amount it was a year ago. But again, ETH's rising price cannot compensate for the rapid rate at which BAYC is losing value. A year ago, the cheapest Bored Up NFT cost 72 ETH, which was a hefty $108,000 at the time, even in the crypto winter. That amount of money can buy you two BAYC NFTs today (15.29 ETH, the project's current floor price, which amounts to $61,600 as of writing).

Driving the point home further is the fact that not all NFT clusters are currently suffering the level that BAYC, MAYC and others are. Cryptopunks, for example—yuga bought entry rights to the blue-chip Ethereum NFT suite Early 2022-Almost doubled in USD value since December, per CoinGecko. Just last week, one NFT from the collection was sold at a high price 16.03 million dollars.

So why is the Yuga Monkey quote suffering disproportionately in a recovering crypto and NFT market? Not only are Bored Monkey projects losing steam as Bitcoin Ordinals seem more interesting in recent weeks, but Ethereum NFTs are depreciating faster than any other top project in the space.

CryptopunksIn the year Created in 2017, they are the first NFT PFP set to skyrocket in value and achieve widespread cultural significance. For that, they represent a piece of crypto history, and a value that has gone through many market cycles. They are a high-level symbol for many crypto die-hards.

In the year When Bored Monkeys emerged in 2021, they tried to create a new business model for NFTs: one focus Benefits, Parties, ExclusivityAnd Access. The concept worked well-great-NFT bull run in 2021/2022.

But now that the ice of the past crypto winter is finally starting to melt, will Yuga's monkey-themed metaverse continue to appeal to NFT holders? Or will the next bull run be left behind as rivals gain steam?

Edited by Andrew Hayward.