The NFT market appears to be going through a significant dump, with some top collections experiencing panic selling at an absurdly high pace.
According to various sources, the price of Bored Ape Yacht Club (BAYC) NFTs has ranged from 58 to 63 ethers (ETH) over the course of the last two days. This makes the collection maybe one of the most opulent collections available today.
BAYC NFTs Undervalued
Similar numbers were published by crypto journalist Colin Wu, this time involving Taiwanese artist Jeffrey Huang. According to him, Huang sold BAYC NFTs for 58–60 ETH, which is a price that is much lower than the floor price on the major NFT marketplace OpenSea, which is 68 ETH.
According to a variety of media outlets, the liquidator for the insolvent Three Arrows Capital (3AC) is planning to sell around $22 million worth of non-financial securities in the near future.
Dumping Frenzy Slams NFTs
A subsequent tweet suggests that additional notable NFT collections are suffering as a direct result of the dumping frenzy. The sibling collection of BAYC, known as Mutant Ape Yacht Club (MAYC), has continued to fall by 42% in the last hour. The prices of Moonbirds Oddities and Otherdeed for Otherside have both dropped by 65% and 29%, respectively, in the past few hours.
It is not quite apparent what triggered the continuous panic selling of NFTs, although it seems to have started recently. On the other hand, some people have presented some fascinating allegations on Twitter.
The price of BAYC is gradually climbing back up after it dropped significantly earlier today. This is a positive development following today’s market action. Just a few moments ago, the price of the floor for BAYC had reached around 62 ETH.
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