The Bored Ape Yacht Club NFTs are down over -90%, that happens to a hype-filled project in a bear market.

We all know the effects of a bear market on not just Crypto, but all assets. In a bear market more people tend to sell, creating panic, which makes many leave the markets, resulting in a pretty empty market with little to no buying power. This obviously results in prices going down and that even for the king, BTC. But there are still some levels to this price-downturns.

For example, BTC (-70% at peak) and ETH are considerable less down in comparison to other altcoins. The reason for that is usually the cause for the price rise in the first place, mainly all assets (especially in a new market like Crypto) are drives by some hype, but it depends in the long-term whether that asset actually had anything to justify that hype.

Projects build on hype and with no underlaying utility are doomed to fail. Sooner or Later.

​

Chart of BAYC value decreasing -90%, by Will Clemente

One of the prime examples for that, for this bear market, will surely be Bored Ape Yacht Club NFTs, arguably the strongest NFT collection ever with a floor price of $600k at its peak, had no plunged down -90% in this bear market. Which makes absolutely sense, as in bear market people will tend to only accumulate the safest assets, meaning those with some real utility to show. Some ape pictures are frankly just not it.

So, I hope everyone in this bear market got teh lean this lesson in the hard way. Even if you investment is going up in a bull market, you should remember that hype won‘t help in a bear market and a bear market is what makes or kills an investment in the end.