Recent questionable conduct in the FTX house has sent shockwaves through the Web3 building. The Bored Ape Yacht Club is one such victim, as its once impregnable floor price has taken a substantial hit.
Following the recent demise of FTX, a selling event with all the hallmarks of a panic sale occurred. OpenSea, a trading giant, saw an increase in WETH sales on the Ethereum network, indicating that a large number of buyers quickly accepted lowball offers as floor prices fell.
WETH trades as a percentage of total OpenSea volume is above 50% for the first time today. The chart below is pretty wild.
— NFTstatistics.eth (@punk9059) November 9, 2022
Everyone accepting the bids that are out there.
This is up from 40% when I tweeted this chart earlier. pic.twitter.com/5Zo66UPLfF
The BAYC collection is currently trading at a perilous floor price of 57.5 ETH as a result of the latest crypto market carnage. Consequently, we are on the verge of a dangerous precipice where lenders will begin liquidating their held assets to recoup their funds, exacerbating the problem by flooding the market with an excess supply of ‘cheap’ NFTs.
Since the ecstatic days of April 29, the BAYC dollar value has decreased by 82%, with the collection falling below the 60 ETH limit for the first time in 2022. The USD price has dropped to its lowest level since August 2021, which is cause for concern. As the monkey jpeg community deals with this catastrophic development, CryptoPunks has reemerged as the best collection. Again flipping the Apes in the struggle for NFT floor price supremacy.
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