in

NFT REVIEW NEWS BAYC Prices Tumble Following FTX Debacle


Recent questionable antics in the house of FTX have sent shockwaves rippling through the halls of Web3. One such casualty, seeing the Bored Ape Yacht Club take a significant hit to its once impregnable floor price.

Following FTX’s recent fall from grace, a selling event took place that has all the hallmarks of a panic sale. Essentially, seeing trading goliath, OpenSea, witness a spike in WETH sales on the Ethereum network, meaning that a huge number of buyers were quickly accepting lowball offers as floor prices began to sink.

As a result of the latest round of crypto carnage, the BAYC collection now sits at a perilous 57.5 ETH floor price. Therefore, teetering on a dangerous precipice where lenders will begin liquidating their held assets to recoup their funds and exacerbate the problem by flooding the market with an extra supply of ‘cheap’ NFTs.

As it stands, the BAYC dollar value has dropped a massive 82% since the heady days of April 29, with the collection dropping below the 60 ETH mark for the first time in 2022. Even more alarmingly however, the price in USD sits at the lowest its seen since August 2021. Meanwhile, as the world of monkey jpegs deals with this cataclysmic turn of events, CryptoPunks has re-emerged as the top collection. Once again flipping the Apes in the battle for NFT floor price supremacy.

Want more? Connect with NFT Plazas

Join the Weekly Newsletter
Join our Discord
Follow us on Twitter
Like us on Facebook
Follow us on Instagram

*All investment/financial opinions expressed by NFT Plazas are from the personal research and experience of our site moderators and are intended as educational material only. Individuals are required to fully research any product prior to making any kind of investment.





Source link

If this article, video or photo intrigues any copyright, please indicate it to the author’s email or in the comment box.

What do you think?

26 NFT Points
Upvote Downvote

Written by NFT REVIEW MARKET

I am the curator of the NFT Review Market News. If the document or content infringes any copyright, please point it out in comments and it will be promptly removed. To all the articles we include the link of the Resource that appears as Source Link If this article, video or photo intrigues any copyright, please indicate it to the author's email or in the comment box.

NFT REVIEW NEWS Meet the Metaverse Creators: NFT Creator Clammy

NFT REVIEW NEWS ¿Qué es The Graph (GRT)? El google de la blockchain