The Bored Ape Yacht Club (BAYC) and the NFT Market Crash
The Bored Ape Yacht Club (BAYC), one of the most popular NFT collections, has been heavily impacted by the recent NFT market crash. The collection, created by Yuga Labs, has seen a staggering 90% decline from its all-time high. Floor prices have also plummeted by 23%. Despite the significant drop, BAYC remains one of the most actively traded collections, with a 30-day trade volume of $48.8 million.
Recent Cyber-Theft Incident
BAYC faced further challenges when a cyber-thief known as “Fake_Phishing182232” stole two valuable Apes from the collection and quickly sold them off. The theft was reported by Peckshield, a blockchain security company. This incident added to the overall woes of BAYC.
Decline in Floor Prices Across NFT Collections
BAYC is not the only NFT collection experiencing a decline in floor prices. The Azuki collection has also seen a significant drop of 63.6% over the past week. Other prominent collections, including Mutant Ape Yacht Club, DeGods, and Elemental, have experienced 15-20% declines in floor prices within the past 24 hours.
Crypto Maintains Resilience Amid NFT Market Slump
While the NFT market is facing challenges, the overall cryptocurrency market remains resilient. The total market capitalization has increased by 1.1% to reach $1.25 trillion, thanks to the sustained gains of Bitcoin and Ethereum. The cryptocurrency market’s momentum is currently driven by top altcoins like Litecoin, Polkadot, Bitcoin Cash, and Avalanche.
Hot Take: BAYC Struggles Amid NFT Market Turmoil
The Bored Ape Yacht Club has experienced a significant decline in floor prices and overall market sentiment. The NFT market crash has affected not only BAYC but also other popular collections. However, the cryptocurrency market as a whole remains resilient. It will be interesting to see how BAYC and the NFT market recover from these challenges and whether they can regain their previous levels of success.
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