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The Bored Ape Yacht Club NFTs have plummeted in value and left celebrities with six figure losses.
Earlier this year, the pop star purchased an ape for over a million dollars. The NFT economy is worth just $69,000 now that it has collapsed.
NFTs, which represent exclusive ownership rights to digital assets, have plummeted in value due to the ongoingcryptocurrencies crisis.
The volume of sales has gone down. NFT sales have fallen for six months in a row.
According to the NFT Price Floor, the cheapest Bored Ape has a value of just 48 ETH. The floor price has fallen in November.
The collapse of FTX leaves its own mark on NFT markets, as the trend is only getting worse.
There are still lots of Bored Apes for sale. According to Decrypt, there was an increase of 135 percent in the amount of apes moved on Tuesday.
Do you think the end of the NFT is near? Bored apes are worth a fraction of what they used to be.
Millions of dollars in sales can be generated by many smaller NFT marketplaces.
NFTs aren't likely to die out anytime soon, but they are adapting to changing market conditions and leaving celebrities with deep losses in their questionable investments.
The Bored ape paid a million dollars for the rights to their name. It is now worth 69k dollars.
The latest idea to make people actually buy NFTs is to throw in a house.
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