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Cryptocurrencies

Bored Ape NFTs hit hard as crypto market sinks

Published: Updated:

Popular NFT collections, including the celebrity-favored Bored Ape Yacht Club (BAYC), are being hit hard as the crypto market sinks.

The NFT Index, which tracks the performance of nonfungible tokens and is weighted based on each token’s circulating supply, fell about 23 percent in the past 24 hours.

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The BAYC NFTs saw a 25 percent decrease in average price in the same period, according to data from DappRadar and CoinMarketCap. Some of these tokens sold for millions of dollars in recent months.

The price drops are part of a broader crypto selloff occurring in part because of the surprise inflation readings that hit a 40-year high on Friday.

Bitcoin fell as much as 15.5 percent, reaching an 18-month low and down more than 50 percent from its all-time record in November. Bitcoin was trading around $23,523 just after the stock market close in New York.

The NFT market had been a bright spot relative to the rest of assets in the crypto space during the market rout. Investors have built substantial portfolios of NFTs in the past six months despite their low liquidity compared to fungible tokes like Bitcoin and Ether.

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