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where users were able to deposit their NFTs as collateral for ETH loans, saw a lot of the funds used to repay lenders withdrawn in what seems to be a bank run.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.
