Bored Ape Yacht Club NFT collection once touted by celebrities like Justin Bieber has seen its floor price decline by around 90% since its peak in 2022.
Greg Solano, YugaLab's CEO, announced that the startup would lay off an unspecified number of employees as it undergoes"restructuring."The news comes as the floor price for the popular NFT collection once touted by celebrities like Justin Bieber and Paris Hilton sinks to lows not seen since it was released in 2021.
The floor price is the lowest price an NFT in a given collection will sell for. As of May 1, Bored Ape Yacht Club's floor price hovered around 13.395 ETH,, which would be worth nearly $40,000 at the time of publication. That's down from a peak floor price of 128 ETH on May 1, 2022, according toThat's a far cry from the top prices Bored Apes once sold for.
The startup went on to release several other NFT collections, including Mutant Ape Yacht Club and CryptoPunks. In 2022, YugaLabs raised $450 million in seed funding and was valued around $4 billion, according to its website.who allege they were tricked into purchasing Bored Apes by celebrities who were promoting the NFTs without disclosing they had been paid to do so.When it comes to digital assets such as NFTs, investors should do their homework.
Similar to collectibles like trading cards or Beanie Babies, NFTs can hold sentimental value. However, their monetary value only goes as high as someone else is willing to pay for it. There's no guarantee that you'll earn a profit from selling an NFT, which is why financial experts advise against spending more money on them than you're willing to potentially lose.sign up for CNBC Make It's newsletter
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