JAKARTA - The digital art of NFT depicting apes, Bored Ape Yacht Club (BAYC) has decreased in price in line with the collapse of the crypto market. As is known, NFT BAYC had a boom at the end of last year where the price skyrocketed to reach billions of rupiah per item.
Now the price of the most popular NFT has dropped dramatically. According to data from leading NFT trading platform OpenSea, BAYC's floor price is currently around 67 ETH. It has fallen deeper since January 2022.
This decline comes amid fears of massive liquidation along with falling prices for digital assets in particular and the crypto market in general. For information only, the base price in NFT is the lowest price available for sale by the NFT owner.
BAYC is a unique NFT collection limited to 10,000 items developed on the Ethereum network. Besides BAYC, other NFT collections made by Yuga Labs also experienced a significant decline, such as the Mutant Ape Yacht Club (MAYC). While the base price of NFT MAYC is currently at 13.8 ETH. A few days earlier it was down at 12 ETH, the lowest price since early 2022.
According to a recent report, the decline in the price of the most popular NFTs BAYC and MAYC was due to an issue with BendDAO, a platform that allows users to store their NFT holdings as collateral for ETH crypto loans.
At BendDAO, much of the funds are used to repay lenders. The decline in the base price was also the result of a series of liquidations that took place over the past few days in which the owners of NFT BAYC and MAYC were liquidated due to falling prices.
Apart from launching the NFT collection, Yuga Labs has also launched the ApeCoin (APE) crypto token. This APE token can be used to make transactions in the BAYC metaverse, namely Otherside. APE is currently trading at a price of IDR 75,273 per token.
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