Bored Ape Yacht Club (BAYC) celebrates its fifth birthday today, but the mood is subdued. The NFT collection, once a cultural phenomenon backed by A-list celebrities, has seen its popularity and value dramatically decline.
Celebrity supporters go quiet
The project’s star-studded supporter list, which once included Paris Hilton, Mark Cuban, Jimmy Fallon, Snoop Dogg, and Eminem, has dwindled. Google Trends data shows interest in BAYC is 97 times lower than during the NFT frenzy of 2022. Eminem hasn’t posted about BAYC or NFTs on X since 2022, despite reportedly buying an Ape for around $462,000. Today, the top offer for that same NFT sits at roughly 8.83 ETH, or $20,000.
Snoop Dogg, who spent $366,000 on four Apes in 2021, has also cooled. While he occasionally mentions BAYC, it now seems more about promoting other ventures. For instance, a BAYC holder trip to his compound for 4/20 was largely a promotional stunt for his ice cream brand. Other celeb investors like Justin Bieber, Neymar Jr., and Jimmy Fallon have seen similar value drops, and none have posted about BAYC on X since 2022. None wished BAYC a happy birthday today.
Financial reality sets in
The broader ecosystem is hurting. BAYC’s floor price is down 94.3% from its May 2022 peak. ApeCoin is down 99.6% from its high. One buyer recently sold two NFTs at a 92% loss, after they briefly topped $4.3 million in value. In other words, the hype is gone.
A history of legal battles and missteps
BAYC’s journey has been rocky. Celebrity endorsements led to a 2022 lawsuit accusing Yuga Labs of promoting NFTs without disclosing compensation and claiming the NFTs were securities. A judge dismissed the suit, ruling NFTs are not securities. In 2023, ApeFest in Hong Kong made headlines for the wrong reasons: UV lighting used on stage temporarily blinded attendees. Yuga Labs’s web3 game Otherside launched in 2024 as a buggy, nearly unplayable mess. The company recently sold its CryptoPunks stake for $20 million and replaced CEO Greg Solano with Michael Figge.
The fifth birthday arrives without fanfare, marking the end of a wild chapter in NFT history.
