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Bored Ape NFTs Face Steep Declines in Broad Cryptoasset Rout

  • NFT Index sees 23% decline as Bitcoin reaches 18-month low
  • Market cap of Bored Ape Yacht Club falls 47% in the past week
Updated on

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% in the past 24 hours. The BAYC NFTs saw a 25% 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.