Bored Ape Yacht Club NFT Prices Plummet After FTX Crashes The Crypto Market

Bywaveeducoin

The crypto market is in shambles following FTX’s liquidity crisis and reports of their neglectful handling of customer finances.

The recent market crash caused by the FTX debacle has led to NFTs being sold at a panic, driving the “floor price” of Bored Ape Yacht Club NFTs down significantly.

The cheapest Bored Ape Yacht Club NFT is currently being sold for 56.37 ETH, which amounts to $72,035. This is a 7% decrease from the prices 24 hours ago. But because ETH’s value has fallen by 13% this week, the loss in USD terms comes out to about 24%.

Since its peak of $429,000 on April 29th earlier this year, the current price of a Bored Ape NFT (in USD) has plummeted by 82%.

Reasons

This week, Bored Ape’s pricing is lower than normal for a few potential reasons. One factor could be because investors are selling their more reliable NFT assets in order to offset any possible loss from the FTX crash. Surprisingly, there is data to back up this idea.

WETH is now trading as a majority of the total OpenSea volume for the first time today, and the chart below looks pretty impressive.

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As you can see from this chart, the percentage has risen to 50%. This was tweeted earlier today. pic.twitter.com/5Zo66UPLfF

— NFTstatistics.eth (@punk9059) November 9, 2022

As the market rapidly changes, more NFT owners are accepting lower bids in order to get rid of their NFTs quickly.

Another factor that has caused the crypto market to crash is BendDAO. It allows people to get loans by using their NFTs as security. BendDAO 14 Bored Ape NFTs from unsalvageable loans at a current low bid, weakly below the marketplace platforms’ basements prices. This means that there is little-to-no demand for these assets.

Back in August, BendDAO ran into a serious problem when it didn’t have enough ETH to cover its debt. It tried to auction off NFTs (non-fungible tokens) that had been seized from people who hadn’t repaid their debts, but there weren’t enough bids. Protocol participants decided to make it easier for BendDAO to sell NFTs by lowering the amount of money needed trigger a sale.