Bored Apes Are Dropping in Value. Here's Why.

NFT Now
NFT Now

27 Jun 2023 8:40 PM

Is it simply a product of the times that BAYC NFTs are going parabolic? Or could the actions of Yuga Labs, be to blame?...

  • The NFT market is experiencing a downturn after an explosive start to 2023.
  • The floor prices of the Bored Ape Yacht Club (BAYC) have started to wane, potentially due to Yuga Labs' actions rather than market conditions.
  • The floor price of Mutant Apes has been sustained in the single digits, around 7.5 ETH.
  • A pseudonymous collector known as Machi Big Brother (real name Jeffrey Huang) has sold more than 50 Bored Apes on Blur, potentially contributing to the shift.
  • The fragmentation and dilution of the Yuga NFT ecosystem may also be a catalyst for the recent dip.

The article presents a negative sentiment towards the current state of the NFT market, particularly with regards to the downturn in the Bored Ape Yacht Club's floor prices. However, it also presents potential reasons for the dip, which suggests a neutral tone.

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You May Ask

What is the current floor price of the Bored Ape Yacht Club?Why are commentators in the NFT space pointing to Machi Big Brother as a potential catalyst for the shift in BAYC prices?What is the potential reason for the recent dip in BAYC prices, according to avid NFT collectors and commentators?What is the narrative surrounding dilution in the NFT space, and how does it relate to the potential root of the BAYC dip?How does the current BAYC dip compare to the trading periods of the 2022 bear market?

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