The cryptocurrency world often draws attention due to its price volatility, with the focus primarily on the fortunes won and lost.
Bad Bored Apes are a shame: They dont symbolize the whole NFT Market
This perception can lead casual observers to believe that the crypto world is all about froth and speculation. However, the recent price decline of Bored Ape Yacht Club and similar “blue-chip” collectable non-fungible tokens (NFTs) has brought to light the stability of the better-quality NFTs.
The Rise and Fall of Bored Ape Yacht Club
Bored Ape Yacht Club, a popular NFT collection, has recently experienced a significant price crash. The underlying tokens of these NFTs are technically non-fungible, represented by unique digital images. However, the images are generated by computer and can be hard to distinguish, making them seem too fungible for an NFT collection.
Which is why it is now being said: ” Bad Bored Apes are a shame “.
The Real Value of NFTs
Despite the price volatility, NFTs have a real value that extends beyond their market price. They represent membership in a community, scarcity, age, celebrity participation, and creative quality. These factors confer value as they do in other domains. However, the market may have to stabilize at much lower valuations, which will reduce the attention and celebrity interest.
The Future of the NFT Market
While the blue-chip NFTs with basically fungible underlyings may face a price correction, the sector of tokens for non-fungible assets deserves more attention from developers and investors. This sector has huge growth potential and might change the world, not just ruin a few bank accounts.
About Bored Ape Yacht Club
Bored Ape Yacht Club is a collection of NFTs representing unique digital images of cartoon apes. Each token grants the owner membership in an online club. Despite recent price declines, the Bored Ape Yacht Club remains a significant player whom is among the first in the NFT market.
Leave a comment