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Once Immune From Crypto Winter, Bored Apes Are Feeling the Cold

  • Lowest prices of some blue-chip NFTs recently dropped 50%
  • Nansen Blue Chip-10 Index is down 41% so far this year
Bloomberg business news
Guggenheim’s Minerd on Crypto: ‘Everything Is Suspect'

Blue-chip NFTs like CryptoPunks, Bored Ape Yacht Club and Mutant Ape Yacht Club are no longer immune to the recent collapse in cryptocurrency prices, with one closely watched benchmark -- the lowest priced item in the collections -- down about 50% in the last month. 

For months, many top-tier nonfungible tokens -- particularly Bored Apes -- have held their value even when Bitcoin and Ether prices were falling. That’s changing now, with the Nansen Blue Chip-10 Index sliding 41% so far this year. JPG NFT Index, which debuted this spring and features “premier” collections like CryptoPunks, fell to its lowest value yet Thursday, and is down 57% in a little over a month, according to data tracker CoinMarketCap.