The Bored Ape Yacht Club (BAYC) floor price has dropped below 34 ETH ($64,000) for the first time since November 2021, according to data from the Bored Ape Yacht Club. The Block Research, which coincides with a period of heavy selling.
Some attributed the drop to the actions of Jeffrey Huang, an NFT-turned-rap aficionado known as Machi Big Brother. which suddenly sold more than 50 NFT monkeys
But Lior Messika, who runs crypto venture capital firm and Yuga Labs backer Eden Block, sees massive speculation as having played a greater part in the BAYC price drop.
“The current NFT market rewards traders and speculators. It is not the creators that use the underlying IP in an innovative and valuable way,” Messika said, adding that NFTs are high-risk assets and often “pre-affected” in volatile markets
“The situation will not change — until new capital enters the NFT space.”
“Sadly, the market is now dictated by the fear and greed of the few traders,” added Messika.
BAYC’s floor price was a record high of 128 ETH ($240,000), with individual items selling for millions of dollars.
“Yuga is creating a place for those collections and their underlying communities to grow through unique functionality and experiences. and I believe in the long term This approach will lead to the best results for their collection as they expand their market. The best thing Yuga can do in response to negative price action is to develop,” he added.
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