The boring ape was sold at a loss and the owner of the "noble" became a "big injustice"

The boring ape (BAYC), known as the NFT aristocrat, is undergoing a tearful sale. Holders such as singer Huang Licheng have been selling BAYC NFT recently, causing the floor price of this series of NFT to fall below 30 ETH (about 57,000 US dollars). .

**More than a year ago, BAYC was still the darling of the fashion industry, and Curry, Justin Bieber and other superstars from all walks of life bought it one after another. Up to now, the floor price of this series of NFTs has fallen by more than 85% from the highest point, and celebrities and big players have been cut into "big wronged species". **

Although YugaLabs, the label behind Boring Ape, is known as the most playable NFT issuer, neither making games nor creating a universe can change the downward trend.

The overall NFT market is also in depression, with the total market value falling from $29.3 billion at the peak to $6.05 billion today, a drop of 79.35%.

Mao Shixing (Shenyu), the co-founder of Cobo Wallet, believes that the narrative logic of NFT needs to be reorganized. In addition to the concept of PFP (personal avatar), the combination of NFT with offline fan economy and membership rights will bring a large number of new users. .

In other words, NFT needs to become more "useful".

Bored ape fell from a mansion into a car

On July 7, an NFT transaction briefly attracted the attention of the encryption world. Although this NFT was sold at a high price of 200 ETH (approximately 372,000 U.S. dollars), there is only sigh left for the encryption community.

The protagonist of this transaction comes from the most prestigious Boring Ape series in the NFT field. The "monkey" numbered BAYC #3953 has cream-colored fur, protruding eyes, and a small piece of pizza in its mouth. Among a total of 10,000 Boring Ape NFTs, this "monkey" is highly recognizable, and it is listed as the second rarest on the NFT rarity ranking website Rarity Sniper.

The transaction of this extremely boring ape happened during the lowest period of the NFT market. Therefore, before the price of 200 ETH, many NFT veterans added the prefix "only for sale" to it, and the meaning of discount promotion is obvious. Compared with the selling price of Boring Ape at its peak, this transaction price is indeed only a fraction. At a Sotheby's auction in 2021, BAYC #8817, which ranked 16th in rarity, once sold for a sky-high price of US$3.4 million.

The Bored Ape is having the biggest tear sale ever. In the past June, singer Huang Licheng sold at least 74 BAYC NFTs. According to the statistics of Nansen, an on-chain tracking tool, many holders who have held BAYC for a long time have sold NFT, and 39 addresses have held BAYC for more than a year, which shows that loyal fans of BAYC are leaving the market one after another .

The overall floor price of the Boring Ape NFT series has also been falling. Last week, the floor price of BAYC once fell below 30 ETH. On July 11, the floor price of the NFT rose back to 33 ETH, equivalent to about 62,000 US dollars. Although this price is still expensive for ordinary people, on April 30, 2022, the floor price of BAYC reached a peak of 153.7 ETH. At that time, the cheapest boring ape cost $430,000, or about 3 million yuan.

**With the bursting of the NFT market bubble, Boring Ape stepped down from the aristocratic altar, and the market value also changed from a luxury house to a low-end BMW 5 Series, with a price drop of more than 85%. **

The huge drop has caused a lot of losses to the big households who bought Boring Ape at a high price. An NFT collector posted a post on Moments calling himself the "big injustice species". It posted the boring ape he held and laughed at himself, "I bought it for 118 ETH, let's see when it falls to 18 ETH."

The more eye-catching losses belonged to many celebrities and commercial brands. During the heyday of Boring Ape, it was sought after by many domestic and foreign celebrities. Basketball stars Curry and O’Neal, famous singers Justin Bieber, Jay Chou, and JJ Lin all posted their own Boring Ape NFT.

In January 2022, Justin Bieber purchased BAYC#3001 for approximately US$1.29 million. Today, the highest offer for this NFT on OpenSea is only US$61,000, which means that its floating loss exceeds US$1.2 million; in 2022 In May, Cai Wensheng, chairman of Meitu Group, announced that he bought BAYC #8848 for about US$560,000, and its current highest offer is only US$61,000. In addition, China Li Ning once bought BAYC#4102 with 120 ETH (about 356,000 US dollars), and Greenland Group bought BAYC#8302 with 140 ETH, and the current value has shrunk by more than 80%.

Justin Bieber Loses Over $1.2 Million on Boring Ape

As the leader of NFT, the price of Boring Ape continues to drop, which is the epitome of the darkest moment of the NFT market. According to the data of NFTGO, the total market value of the NFT market has dropped from US$29.3 billion at the peak to US$6.05 billion today, a drop of 79.35%. In the past month, 44.5 of NFT trading users lost money, and only 46,000 made money.

**Where does the NFT market break the ice? **

The giant whale loses a lot of money, and the shrimp loses a small amount of money. The NFT market, which once had a huge wealth-creating effect, has become a Shura market. The difficulty of making money by investing in NFT has soared.

On social media, the price of NFTs such as Boring Ape plummeted with all kinds of cynicism. Some people called it a "fried picture scam", and some compared it to the bursting of the tulip bubble. In the Web3 field, the subject matter of NFT is no longer sexy. In various Web3 communities, few people discuss NFT. "I still can't understand the value of these pictures," said an encrypted user who entered the circle in 2018.

Seeing high-rise buildings and high market value, the building collapsed in a blink of an eye, and NFT entered a period of freezing. In fact, the NFT project represented by Boring Ape is not without efforts. NFT issuers have made a lot of attempts to make the value of NFT more than just a picture, but nothing worked well during the bear market .

The "manufacturer" of Boring Ape, Yuga Labs, has always been considered the most marketing brand in the circle. The initial success of Boring Ape is also due to its creation of the concept of "club", allowing Boring Ape NFT to be used as a ticket for the "rich man's club".

The "members" of the club not only have complete ownership of the Boring Ape NFT, but can also use it for commercial realization. For example, after China Lining bought the Boring Ape NFT, it printed its image on clothing for sale; Created a virtual band out of boring apes.

China's Li-Ning uses Boring Ape for business

In addition, Boring Ape NFT holders also have various airdrop benefits. For example, when Yuga Labs released the Boring Ape derivative series Mutant Ape NFT, it airdropped NFT to Boring Ape users, and both NFT holders received Boring Ape Airdrop of token APE. **For many bored ape holders, holding this NFT is more of an identity, representing the upper-class people and pioneers in the Web3 world. **

In the follow-up operation process, Yuga Labs also created the OtherSide metaverse, as another kind of empowerment for BAYC holders, providing them with virtual plots; in February this year, Yuga Labs designed a similar "Temple Run" 》The game Dookey Dash, to participate in the game requires a pass NFT, and initially only users who hold BAYC and other Yuga NFTs can receive the pass for free.

It can be said that YugaLabs has tried various methods to add added value to BAYC, but it still cannot stop the price drop of Boring Ape NFT.

**A senior NFT player believes that all the attempts of Boring Ape have not escaped the old narrative of PFP (personal portrait), that is, in all scenarios, the core significance of BAYC lies in its identity, and lacks actual scene application value . **Although Boring Ape has built its own platform to create scenes such as games and metaverses, they all have quite high capital participation thresholds, forming an invisible wall that isolates them from the outside world, making it difficult to improve ecological vitality.

Mao Shixing (Shenyu), the co-founder of Cobo Wallet, also said recently that **NFT is currently in a state where the bubble is bursting and the narrative logic is being reorganized. **In the next step, NFT needs to find new narrative logic and landing scenarios other than the concept of PFP. Perhaps it is the combination of NFT with offline, such as the combination of fan economy and membership rights, which "should bring a large number of new users." .

From the perspective of Shenyu's concept, making NFT "useful", not limited to artworks and identity marks, is a direction to solve the current predicament.

Previously, Starbucks explored the "practical" route of combining NFT and membership rights. Users can directly subscribe to NFT with a credit card in the Starbucks NFT market. Invitations to exclusive events like Starbucks Reserve Roasteries. At present, Starbucks has attracted more than 1 million members and partners to join.

In addition, some fans hope that in the future, NFT can become the equity certificate of star fans, such as the fan NFT holding Jay Chou. You can purchase concert tickets first, and enjoy the rights and interests of being in close contact with stars. "When NFT has a scene that is in line with the real world, people will have demands for buying and holding."

In the view of LD Capital, an encryption investment research institution, RWA equity NFT may also become a breakthrough point for NFT. The full name of RWA is the tokenization of real world assets, that is, with the help of the immutable characteristics of the blockchain, real estate, cars, jewelry and other assets in the real world are mapped to the blockchain to generate corresponding digital assets, so as to have better flow sexual and financial attributes.

A few days ago, a KOL in the encryption industry revealed that a borrower mortgaged a Patek Philippe watch to a third-party escrow company, and then the company sent back an NFT representing physical ownership. The borrower used the NFT to mortgage the loan on the chain, realizing the use Real-world asset lending scenarios for digital assets.

When the NFT market is stagnant, the Web3 industry seems to need a new narrative to break the ice for NFT.