How expensive were bored apes back then! The label was 'rich and ruthless'!
As a result, NFTs went from their peak in 2021 (trading volume of hundreds of billions of dollars) to completely cooling off by 2026, all in just 5 years.
The most unfortunate YouTuber Logan Paul bought an NFT for $623,000 in August 2021, and now it's only worth $155, losing money to the point of vomiting blood!
Justin Bieber spent $1.3 million on a bored ape, and now the floor price is only $12,000, losing everything.
Why did it collapse so hard?
Essentially, they are speculative toys on ETH and SOL. When the market drops, they immediately follow suit.
All the stories about 'digital identity', 'metaverse', and 'game utility' have shattered.
Scams are everywhere (rug pulls, fake projects are rampant), and everyone has completely lost trust.
Money has all gone to play meme coins, AI coins, and RWA.
Even the NFT big brother Magic Eden has started to change industries to survive.
To put it bluntly, meme coins are also quickly following suit now...
The hype bubble bursts with a poke, practicality hasn't kept up, trust has crumbled, and funds have fled.
#NFT #sol #eth
#meme