Bored Ape Yacht Club Loses 24% Of Its Value In 24 Hours

Crypto prices have plummeted across the industry following news of the liquidity issues of FTX and subsequent mismanagement of customers’ funds.

This issue is gradually creeping into the NFT world, as Bored Ape Yacht Club NFT saw a slight deep after the news.  The fall in prices is a result of panic selling as some holders are not convinced that the crypto market can withstand the present heat.

BASIC Fell By 24% Within One Day

Data from NFT Price Floor revealed that the least expensive BAYC token is listed for 57.5 ETH or $76,400. This represents a 7% decline over the past 24 hours, measured in ETH. But when measured in USD, it has fallen by as much as 24% over the past 24 hours. ETH has shed 13% of its value this week, which has also affected other tokens measured in the crypto asset.

The peak price of a Bored Ape was 152 ETH (about $429,000) on April 29. But it has dropped by 82% ahead of the launch of virtual land NFT deeds for Yuga Labs’ Otherside Metaverse game. But the price is expected to peak as expectations grow for the metaverse game.

Following the renewed market struggles, some investors could see market punk as stable assets that will remain durable and have value better than other NFTs.

An NFT is a blockchain token used to hold ownership of an item, such as collectibles, artwork, and profile pictures (PFF). The BAYC is a very popular PFF collection that contains more than 10,000 unique images. Since its launch in April 2021, the BAYC has generated over $2.5 billion in secondary market trades.

BenDAO Also Sees Poor Demand For Its Bore Ape NFTs

Several factors are believed to be responsible for the fall in the price of the BAYC collection this week. One of the reasons is the general market sentiment following the FTX liquidity crisis. Some investors that are afraid of a downturn in the crypto sector are offloading their BAYC assets.

Chief Executive Officer of FTX, Sam Bankman-Fried revealed that his team is doing everything possible to raise liquidity while hinting that they are winding down at Alameda Research.

Another factor that is pushing investors’ fears is the lending protocol BenDAO. The platform is auctioning off 14 Bored Ape NFTs from liquidated loans. All the bids for the 14 BAYCs are lower than the floor price on major marketplaces. It shows the assets are attracting soft demands, which have heightened investors’ fears.