Yuga Labs’ ApeCoin token is sinking too.

Once a symbol of great value and celebrity endorsement, Bored Ape NFTs have undergone a dramatic downfall, rendering them almost worthless today. These once-coveted JPGs of lethargic simians, which commanded millions of dollars just a couple of years ago, have seen their value plummet to all-time lows in July 2023.

Some Bored Apes NFTs sold for as little as $52,000 worth of Ethereum this month, according to crypto news sources. 

The decline hasn't spared ApeCoin either, the token associated with Bored Apes maker Yuga Labs' virtual world.

It has suffered a 93% loss in its $7.6 billion market cap since April 2022. 

The valuation of the Bored Apes Yacht Club, once the most desired project among collectors, collapsed from 1.3 million in 2022 down to just 60,000 dollars in July this year. ApeCoin, which peaked 26.7 dollars per token in April last year is down nearly 93% now.

Things went so bad that celebrities like Justin Bieber, Paris Hilton, and Madonna filed a class-action lawsuit in December 2022, alleging that they were misled into buying NFTs by other celebrities who failed to disclose their financial interests.

Bieber, for example, had invested one million dollars in Bored Apes NFTs, which now are worth only around 60,000 dollars only.

Other NFT projects have experienced even more dramatic falls and collectors might be soon tempted to get rid of their controversial NFT holdings or/and cause more legal trouble for authors.