Bored Ape NFTs fall below $100k as Gates mocks them
Bill Gates referred to the Apes as “expensive digital images of monkeys”
The floor price of the top NFT collection, the Bored Ape Yacht Club (BAYC) series, fell below the $100,000 level for the first time in a year as Bill Gates joked about the iconic NFT series.
The American business magnate referred to Yuga Labs’ creations during a TechCrunch talk on climate change, joking that “expensive digital images of monkeys” would “improve the world immensely”.
Gates also added that NFTs would be “100% based on greater fool theory,” referring to the idea that during a market bubble, traders can make money by buying overvalued assets and selling them for a profit later.
According to NFT Price Floor, the floor price – that is, the price of the cheapest NFT in the series on the secondary market – of the BAYC NFT collection hit ETH76, or around $85,000. The record low (in Ether terms) was witnessed on 13 June 2022.
The NFT market undertaking a “major adjustment”
The fall in the price of BAYC NFTs is broadly in line with a general decrease in the floor prices of all major collections, amid the sell-off wave that has been hitting the crypto market,
However, some experts talk about an upcoming major adjustment or market correction, with investors shifting to utility NFTs.
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“The macro environment is not favourable. Projects that continue to build real products and software for their holders will find support much more easily than those that follow the hype,” said Alex Balog, chief operations officer of Bravo Ready, when interviewed by Currency.com.
The COO of the metaverse gaming and Web 3.0 company said: “The current macro environment is shifting from highly speculative assets to those that provide tangible value. Fortunately for us, we operate in an industry that typically holds well during downturns.
“There is going to be a major adjustment in both the type of investor throughout all markets and the types of investments that they make. It is all part of the cycle, and necessary given high inflation and the surging prices of commodities,” he said.
“The NFT market will shift just like every market. I believe that the meta will shift away from PFPs and speculative assets to NFTs that build tangible value for their holders. Projects offering utility from financial tools, subscriptions and access to software platforms, including gaming, should emerge as winners,” Balog added.