in a nutshell
- Bored Ape Yacht Club NFT prices have fallen amid the recent crypto market downturn.
- The cheapest Bored Ape available today is 82% cheaper (in USD) than at the peak of the collection in April.
crypto price is completely down in this week’s news FTX Liquidity Crunch When Suspicion of improper management Market turmoil NFTs the world too.popular ethereum to project Boad Ape Yacht Club We will see a drop in price as ETH falls and owners may panic over their precious NFTs.
According to data from NFT Price Floor, the cheapest Bored Ape Yacht Club NFT available on the market (i.e. “lowest price”) is listed at 57.5 ETH, or around $76,400 at the time of this writing. is down 7%. However, when measured in US dollars, it is down almost 24% over the past day, given ETH’s decline in value (down 13% this week).
Based on the current price in US dollars, Bored Ape’s lowest price has since plummeted. About $429,000 at peak (152 ETH) was made on April 29th of this year ahead of the launch of Creator Yuga Labs’ Virtual Land NFT Certificate. Metaverse game on the other sideThat’s an 82% drop.
After riding the closest match in terms of lowest price with Cryptopunksanother valuable Ethereum NFT collection (also Now owned by Yuga Labs), the apes are losing their pace.
At the time of writing, the CryptoPunk price floor has increased by 6% (in ETH) in the last 24 hours to 66.75 ETH, or approximately $88,700. Amid renewed market battles, some investors see CryptoPunks as a better value than other NFTs given its status as an influential and enduring project since 2017. You might consider it a more durable asset to hold.
NFTs are blockchain tokens that can be used to represent ownership of items. profile picture (PFP), artwork, collectibles. The Bored Ape Yacht Club is a popular PFP collection spanning 10,000 unique images, about $2.5 billion Value of secondary market trades after launch in April 2021.
There are several potential factors pushing Bored Ape prices down this week. One is the general crypto market despair amid the FTX collapse, which may have prompted some investors to let go of their “good” NFT assets in the recession. Interestingly, there is on-chain evidence suggesting such behavior.
The percentage of WETH trades to total OpenSea trade volume exceeded 50% today for the first time. The chart below is pretty wild.
Everyone who accepts bids out there.
This is up from 40% when I tweeted this chart earlier. pic.twitter.com/5Zo66UPLfF
—NFTstatistics.eth (@punk9059) November 9, 2022
Aggregated data flip side crypto shared with evidence The Wednesday Show’s Director of Research Punk9059 significant increase Trade on major markets high seas Use Wrapped Ethereum (WETH) instead of standard ETH. The share of WETH trades surged this week, surpassing 50% late Wednesday afternoon.
Why is it important? Bidding on NFTs on OpenSea requires his WETH, so increasing that number means more of his NFT holders will accept bids on their assets. Since bids are typically below the NFT’s market value, the figure suggests the seller is adopting modest offers to liquidate his NFTs quickly amid market turmoil. increase.
Another factor related to the decline of the crypto market has to do with BendDAO, a lending protocol that allows users to borrow crypto loans using valuable NFTs as collateral.Currently, BendDAO is 14 Bored Ape NFTs up for auction All current bids are well below the lowest prices in the major markets. This may suggest weak demand for the asset.
August, BendDAO itself faced a serious liquidity crisis When ETH ran out and not enough bids were received to auction NFTs seized from liquidated loans. Ultimately, protocol members voted to lower the liquidation threshold to make it easier for BendDAO to auction his NFTs for Underwater Loans.
