• BAYC NFT floor price has dropped 90% from $600,000 in 18 months.
• The decline in prices of assets during bear markets is different depending on their liquidity and market sentiment.
• The drop in BAYC NFTs floor prices was accelerated by the actions of an NFT collector named Jeffrey Huang who sold over 50 BAYCs.
BAYC NFT Floor Price Drops 90%
The floor price of Bored Ape Yacht Club (BAYC) non-fungible tokens (NFTs) is down by 90% in roughly 18 months as the NFT scene grapples with bear market conditions that spilled over from 2022. The once high floor price of $600,000 has now been significantly impacted due to the current bear market conditions. According to analytics from OpenSea, an NFT marketplace, BAYC has a current floor price of 36.5 ETH, a slight increment from 27.6 ETH posted in early July when it fell to its yearly low.
Bear Markets Impacting Digital Assets
Bear markets tend to significantly influence all digital assets, including NFTs. During such periods, market participants often sell their holdings due to fear, uncertainty and doubt (FUD), decreasing overall buying power and significantly affecting sentiment. As a result, prices across the market are negatively affected – bitcoin prices plunged from over $69k registered in November 2021 to less than $16k a year later in 2022 while other altcoins lost value at varying degrees too.
Price Drop Accelerated By Jeffrey Huang’s Actions
The decline in BAYC NFTs floor prices were further worsened by the actions of an NFT collector named Jeffrey Huang; also known as Machi Big Brother who sold over 50 BAYCs within just a few days – including one single transaction that accounted for 17 tokens alone! This caused the May 1st floor price to drop by 60%, leading investors to opt for safer assets with tangible benefits instead of highly hyped assets with no practical usage or benefits.
What Does This Mean?
This drastic decrease in the value of BAYC Non-Fungible Tokens serves as yet another reminder that digital assets are not immune to bear markets and can be severely impacted due to changes in investor sentiment or events such as heavy selling activities like those done by Jeffrey Huang which can cause severe drops even within short timeframes like months or weeks! It also underscores how important it is for investors to do thorough research before investing any amount into digital assets so they can make more informed decisions about their investments accordingly!
In conclusion, the decrease in prices of digital assets during bear markets differs depending on their liquidity and market sentiment but these events should serve as reminders that digital asset investments are still susceptible directionless volatility so due diligence should always be done beforehand!