The once-booming market for non-fungible tokens (NFTs) has cooled significantly from its peak when digital artwork captivated global attention.
The once-booming market for non-fungible tokens (NFTs) has cooled significantly from its peak when digital artwork captivated global attention. Iconic collections like CryptoPunks and Bored Apes became cultural phenomena in 2021 and 2022, attracting celebrities such as Justin Bieber, LeBron James, and Madonna. Snoop Dogg and Eminem even performed as Bored Ape avatars at the MTV Video Music Awards.
By May 2022, the NFT market’s value skyrocketed to $617 billion. However, it has since plummeted to around $44.3 billion, a staggering 92% drop. According to CoinTelegraph, the value of some of the most expensive NFTs that were transacted during the NFT bull market has plummeted significantly.
CryptoPunks, launched on Ethereum in 2017 by Larva Labs, played a pivotal role in the NFT boom. In 2021, nine CryptoPunks were auctioned by Christie’s for $16.9 million. CryptoPunk #5822, one of only nine alien punks, was bought by Deepak Thapliyal, CEO of Chain, for 8,000 ETH (about $23.7 million) in February 2022. Its value has since halved, reflecting the broader market decline.
Similarly, EtherRock #93, part of a 2017 collection of 100 “Pet Rocks,” sold for $1.8 million in 2021. Today, an EtherRock trades for approximately 200 ETH, about $1 million less than its peak price.
Bored Ape Yacht Club, one of the major NFT collections that received mainstream attention in 2021. Bored Ape #8817 fetched $3.4 million at Sotheby’s, thanks to its rare gold fur. However, recent sales of similar apes suggest significant losses for investors, with some golden apes now selling for as low as $665,000.
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