Once-Hot NFT Collections Tank Alongside Cryptocurrencies

Once-hot NFT collections, including the celebrity-backed Bored Ape Yacht Club and CryptoPunk series, sank alongside cryptocurrencies and the stock market, leaving many digital collectible investors at rock bottom.

The Bored Ape Yacht Club series – which has been endorsed by celebrities including Tom Brady, Madonna, Jimmy Fallon and Future – has seen its value plummet in recent months as the Federal Reserve hikes interest rates and the economy is under pressure from inflation.

The “floor price” for Bored Apes – a measure of the lowest asking price for NFTs in the collection – collapsed 75% from over $400,000 in April to under $100,000 on Tuesday, according to data from the NFTpricefloor.com tracker.

That’s a bigger drop than bitcoin, the world’s most popular cryptocurrency, which has fallen about 55% since April 1.

CryptoPunks NFTs, meanwhile, fell 66% from $230,000 at times in April to under $78,000 on Tuesday, according to the site.

The overall volume of transactions in the NFT market has also collapsed. There have been $650 million in NFT sales so far in June, compared to $3.7 billion in April and $3 billion in May, according to data from industry site CryptoSlam.

There will be 15,000 NFT fanatics descending on Manhattan this week for the NFT.NYC conference.
Getty Images

Despite the lackluster market, throngs of NFT fanatics are descending on Manhattan this week for a series of massive events celebrating digital collectibles.

The NFT.NYC conference, which kicked off Tuesday and will run through Thursday, saw NFT fans make brave faces as they shuttled between networking sessions and panels at venues like the Radio City Music Hall.

Last year’s event in November 2021 came as Ethereum and Solana – the major cryptocurrencies used to trade NFTs – hit all-time highs. It has also attracted celebrities like Quentin Tarantino and Logan Paul. Musical acts included chart-topping rapper Lil Baby and New York rock legends The Strokes performed at a Bored Ape party during the conference.

NFT NYC
The NFT.NYC conference runs through Thursday.
Getty Images

This year’s conference, on the other hand, falls in the shadow of the market crash and appears to feature fewer A-list stars. The biggest names announced this year are rappers French Montana and Jim Jones, who spoke alongside recording industry executives at Radio City Music Hall on Tuesday. Dance DJ Deadmau5 was scheduled to perform at an NFT event at a nightclub in Bushwick, Brooklyn on Tuesday night.

General admission tickets to the conference cost between $600 and $850, while VIP passes cost up to $2,000. Organizers say 15,000 people are attending the conference.

In May, The Post reported that high-level NFT auctions were collapsing more and more. An auction of three works by Madonna and Beeple – which auctioned an NFT for a record $69 million in 2021 – sold for just $135,000, $146,000 and $346,000.

In another dramatic example, plans to sell an NFT of Twitter founder Jack Dorsey’s first tweet, which had previously sold for $2.9 million, were scrapped in April after the offer higher was less than $14,000.

Nick Rose, founder and CEO of the NFT platform Ethernity Chain, told The Post at the time that NFTs were selling at “surprisingly low” prices.

“NFTs boomed when stimulus checks were coming in, but they grew too fast,” Rose said.

—Additional reporting by Lydia Moynihan

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