at peak times, Boring Ape Yacht Club Even the lowest priced NFT fetched an incredible price of $400,000. But now, even though it’s still not available to the average human, lowest price It hit a low not seen since the hectic days of August 2021.
The change in fate of the BAYC collection can be attributed to a number of underlying factors. These include general market sentiment, perceptions of the end of public works, whale sales, and reduced media coverage. However, those familiar with the matter conclude that recent activity in the Blur ecosystem may have had the biggest impact overall.
Earlier this year, Blur caused quite a stir when it launched its rewards efforts. A move that caused huge trading volume to raise $BLUR airdrop tokens. It was followed by the launch of a blended lending platform that allows investors to unlock his ETH capital in high-quality chip NFTs.
These actions caused a complete storm, with a small number of investors beginning to trade large amounts of BAYC NFTs to earn additional rewards. However, as a result, BAYC’s lowest price has entered a death spiral from which it has yet to recover.
Yesterday, Machi sold 15 BAYC for about $1 million in one go
Bids have since fallen by up to 4E and have been hurled another 30 BAYC
When the most infamous dump truck on the blockchain is about to hit hard, it doesn’t look very tempting for a real bidder to step in and try to save this poor ape… pic.twitter.com/CLExboKuQw
— Cirrus (@CirrusNFT) June 23, 2023
Blue chip NFTs take a hit across the board
BAYC is experiencing one of the biggest sell-offs in the entire blue-chip NFT market, but BAYC is not alone in its change of fortune. Fellow NFT stalwart CryptoPunks has also experienced a sharp decline in value, albeit to a lesser extent than its monkey brother.
The bigger immediate concern is the number of these NFTs that remain trapped in rental contracts. Basically, a potential liquidity crisis is imminent as ETH token prices rise and NFT price floors fall. This could exacerbate the situation by leaving lenders with no choice but to seize collateral and sell at a loss. However, only time will tell how the next few months will unfold.
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*All investment/financial opinions expressed by NFT PLAZA are based on the site moderator’s personal research and experience and are for educational material only. Individuals should thoroughly research any product before making any type of investment.
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