NFTs have been around for five years, but the NFT boom only truly began in 2021. It coincided almost perfectly with the launch of Bored Ape Yacht Club, a collection of 10,000 cartoon ape NFTs that’s come to embody the whole industry.
BAYC has, over the past year, become a bellwether for NFTs, just like bitcoin is for the crypto market at large. When NFTs were at their hottest in April, the entry price for Bored Ape Yacht Club NFTs was $400,000.
Following the crypto crash, caused by the Federal Reserve’s hiking of inflation rates to tackle inflation, that’s fallen closer to $150,000. Far from the all-time high, but insane considering these NFTs sold for about $200 apiece last April. You’ve probably seen a BAYC, even if you didn’t realize you were looking at one.