Microsoft’s Bill Gates recently criticized non-fungible tokens, calling them investments based on a ‘greater fool theory.’ He sarcastically opined that individuals that can spend money on ape photos might make our globe a better place.
The non-fungible tokens bubble finally burst due to the ongoing market conditions. For instance, Bored Ape Yacht Club has its floor price plummeting towards the lowest mark since August 2021.
Moreover, entry cost has dropped by approximately 80% within two months. Investors who spent massive cash on trending NFT pictures are now enduring losses. Other leading NFTs collections, including CryptoPunks, also had their values plummeting.
Though non-fungible tokens have drawn enormous celebrity endorsements, some renowned individuals have criticized NFTs as they enjoyed heightened popularity. For example, Canadian artist Keanu Reeves sees the motion of paying massive cash for ‘easily reproduced’ as laughable.
Gates’s attack isn’t a surprise as the Microsoft co-founder has been skeptical about cryptocurrencies for a long. In May 2018, he claimed he could short BTC whenever he could. Gates has never warmed up to digital assets as he sees them as lacking intrinsic value. Nevertheless, the billionaire asserts he is yet to short BTC despite his bearish stance.
Meanwhile, Bored Ape NFT has its floor price falling to $88,155 as Ethereum sees a massive bloodbath. The pullback remains intolerable for investors that bought the NFT in April when Bored Ape NFT floor price explored the 152 ETH all-time high, worth about $430K back then.
Worsening crypto winter has major NFTs tumbling. Data shows the cheapest Bored Ape now goes for 78.5 ETH. That represents $88,155 at current rates, a disturbing plunge as these NFTs commanded a 6-figure price tag.
Bored Ape investors have suffered a dual whammy as ETH sees a freefall amidst dominant bears. Coinmarketcap data shows the 2nd-largest crypto by value lost more than 37% within the past week. Meanwhile, NFT floor prices have lost 21.82% in a week in Ethereum terms. Also, trading volumes saw a substantial fall, losing 38.47% within the past day.
What are your thoughts about NFTs amidst current market conditions? You can comment below.
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