Non-fungible tokens from the Bored Ape Yacht Club collection are going through a majorly rough patch. Apes are currently sitting on a floor price of 67 ETH across the board – something that we haven’t seen since the early days of January 2022.
This comes amid fears of massive liquidations on a platform where Bored Ape NFT owners are able to put their apes as collateral.
Unlike cryptocurrencies, non-fungible tokens are priced in a way where the floor price is the lowest possible price someone is willing to sell their NFTs for.
Since they are non-fungible, there needs to be a buyer for each specific NFT, making the market so much more challenging in times of low liquidity.
At the time of this writing, the world’s most popular collection – the Bored Ape Yacht Club, is going through a rough patch as the floor price is sitting at 67 ETH, according to data from CoinGecko.
Other collections from the BAYC ecosystem are also having hard times. The Mutant Ape Yacht Club has its floor at around 12 ETH, which is also a low not seen since the early days of January 2022.
This happens as BendDAO – a platform where users were able to deposit their NFTs as collateral for ETH loans, saw a lot of the funds used to repay lenders withdrawn in what seems to be a bank run.
The cascading floor prices are also the result of a string of liquidations taking place over the past couple of days where BAYC and MAYC NFT owners (amid other collections, too) were liquidated because of the collapsing prices.
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