![\"The](\"https:\/\/wp-assets.futurism.com\/2022\/11\/celebrities-bored-apes-are-hilariously-worthless-now-300x158.jpg\")
<\/div>Floored Apes<\/h2>
The value of Bored Ape Yacht Club NFTs have absolutely plummeted, leaving celebrities with six figure losses, in a perhaps predictable conclusion to a bewildering trend.<\/p>
Earlier this year, for instance, pop star Justin Bieber bought an Ape for a whopping $1.3 million<\/a>. Now that the NFT economy has essentially collapsed in on itself, as Decrypt<\/em> points out<\/a>, it's worth a measly $69,000.<\/p> NFTs, which represent exclusive ownership rights to digital assets — but usually, underwhelmingly, just JPGs and GIFs — have absolutely plummeted in value, spurred by the ongoing crypto crisis and a vanishing appetite.<\/p> Sales volume of the blockchain knickknacks has also bottomed out<\/a>. NFT sales declined for six straight months this year, according to CryptoSlam<\/a>.<\/p> According to NFT Price Floor<\/a>, the value of the cheapest available Bored Ape dipped down to just 48 ETH, well below $60,000, this week. In November so far, the floor price fell 33 percent.<\/p> Meanwhile, the crypto crash is only accelerating the trend, with the collapse<\/a> of major cryptocurrency exchange FTX leaving its own mark on NFT markets<\/a>.<\/p> Despite the looming pessimism, plenty of Bored Apes are still being sold. In fact, according to Decrypt<\/em>, around $6.5 million worth of Apes were moved on Tuesday alone, an increase of 135 percent day over day.<\/p> Is the end of the NFT nigh? Bored Apes are clearly worth a tiny fraction of what they once were, indicating a massive drop off in interest.<\/p> Yet many other much smaller NFT marketplaces are still able to generate plenty of hype<\/a>, and millions of dollars in sales.<\/p> In other words, NFTs aren't likely to die out any time soon, but they are <\/em>adapting to drastically changing market conditions — and leaving celebrities with deep losses in their questionable investments.<\/p> READ MORE: <\/strong>Justin Bieber Paid $1.3 Million for a Bored Ape NFT. It’s Now Worth $69K<\/a> [Decrypt<\/em>] More on NFTs:<\/strong> The Latest Idea to Make People Actually Buy NFTs: Throw in a House<\/a><\/em><\/p> The post Celebrities' Bored Apes Are Hilariously Worthless Now<\/a> appeared first on Futurism<\/a>.<\/p> More here: <\/p> Celebrities' Bored Apes Are Hilariously Worthless Now<\/a><\/p>","protected":false},"excerpt":{"rendered":" Floored Apes The value of Bored Ape Yacht Club NFTs have absolutely plummeted, leaving celebrities with six figure losses, in a perhaps predictable conclusion to a bewildering trend. Earlier this year, for instance, pop star Justin Bieber bought an Ape for a whopping $1.3 million . Now that the NFT economy has essentially collapsed in on itself, as Decrypt points out , it's worth a measly $69,000 Continue reading Demand Media<\/h2>
Still Kicking<\/h2>
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