If You Bought Bored Ape NFTs at the Peak, You’ve Lost 93% of Your Investment - Decrypt
If You Bought Bored Ape NFTs at the Peak, You’ve Lost 93% of Your Investment - Decrypt
As the floor price for Bored Ape Yacht Club NFTs fell below $27,000, a pioneering Ape put its community-driven storyline on pause.
see, bro, it's the perfect asset, bro. it can only go down 7% ever - mathematically, bro - but it can go to da moooooon!
(do i need that /s?)
4Dat /s
2
I find it really impressive it is only 93%. This implies there are still people who buy this crap
59Not necessarily, as I understand, the floor price is just theld buy one at. i could make a new nft, list it at 500 billion and that would be the floor price, even if no trade ever happens.
There's also some stuff where the nfts get used as collateral for loans without any intention to pay back the loan. The borrower defaults, keeps the money, the lender is stuck with a useless nft. No actual sale happened, so the floor price didn't move, even though the loan was likely for less than the floor price.
Crypto is full of this kind of misleading metrics, same as market cap
25
Don't worry bro, demand for the receipt that says you own a small picture will skyrocket any day now bro.
37Tally Labs launched a project called The Writers Room, which let holders of an associated NFT project dictate storytelling elements. That led to the creation of an Ape-focused novel written by Neil Strauss, a New York Times bestselling author.
Somehow I had not heard of this particular idiocy.
25Strauss is the guy who wrote about pick-up artists.
8So the NFT novel is a step up.
8
"investment"
19Surprising part to me is that there is actually some monetary value left to these.
19You've lost 93% of your investment so far
<homer.jpg>
18Dreamed up by the utterly deranged.
16And the corrupt.
4
People are still “investing” in Donald Trump and melania’s NFTs
15✔️ weird
✔️ for the rich (and money launderers)
✔️ out-of-touchHow could Trump not love NFTs?
12
NFT related art really normalised shit art, paving the way for gen AI
131 Ape = 1 Ape
10You better not be funging those apes
5Not with multiple slurp juices!
I'll let you figure out the value of Ape if one Ape equals multiple Apes.
6
I hated how loads of companies appeared out of nowhere to cash in on this. I feel for people who tried to make an investment hoping it will be the next Bitcoin. I'm really glad it died on its arse though. Pretty sick of seeing shit images of cartoon dogs and monkeys.
8You mean the thing that loses 80% of it's value every 4 years?
8
If you bought NFTs you lost some brain cells.
8Good.
7Lol
6Yes but consider that $429,000* dollars is a small price** to pay for free*** entry to ApeFest.
* Valuing ApeFest tickets at a few hundred dollars this would only take you a millennium to be in the black. But really it's more about the exclusivity.
** Oh and you have to hang out with other Ape Holders. Oh and also may get your retinas sunburned from unsafe UV lights.
** Supplies limited. Travel to whatever random corner of the earth they chose not included.
5Oh and you have to hang out with other Ape Holders. Oh and also may get your retinas sunburned from unsafe UV lights.
Ouch, that sounds painful. Can't I just get the retina burn without the having to hang out with Ape Holders part?
7The easiest way is to look at the sun. I did this and other stupid things (like staring into flashlights) as a kid, and my vision is mostly* normal so I clearly didn't try very hard.
* Some light visual snow
5
I’m about to make back all my losses and some from investing in AI. You can’t win if you don’t play.
-3