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