Crypto-crash also affected BAYC and other Blue Chip NFT

NFT blue-chip collections, such as the Bored Ape Yacht Club, have become the main targets of the recent crypto-crash. As perhaps the most sought-after collection of the NFT, BAYC is far behind its competitors and even the largest part of the crypto market. But like everyone else, BAYC’s long journey in the market ended abruptly … but for how long?

How long is BAYC to Crash Crypto?

According to DappRadar, the average BAYC sales price has fallen by 29% since last week. While transactions slowed by 21% and the number of users fell by 27%.

After a long time in April, the Yuga Labs BAYC NFT collection is generally better than the rest of the NFT market. As the BAYC community continues to struggle with downward trends, Yuga Labs plans to return to its latest scandal.

Meanwhile, the average selling price for Yuga Labs’ Otherdeeds NFT collection has fallen by 23% over the last seven days. In addition, BAYC’s native ApeCoin token also fell more than 36% this week, according to CoinMarketCap.

However, the recent fall of BAYC reflects a much broader trend that is spreading across the market for unmistakable tokens. For example, the JPG NFT index, which provides exposure to a wide basket of NFTs, fell 26% last week. In addition, NFT-supported loans, which allow lenders to place their digital artwork as collateral to raise funds, may also contribute to a new leap in NFT sales.

Bitcoin & ETH See Quick Turn

In addition, major cryptocurrencies have seen a sharp drop in prices as bitcoin fell nearly 18% last week. While buyers saw bitcoin fall by 50% of its long period in November. While Ether received a similar hit of 15%, the price gets to a significant price point below its final resistance. In the future, the crypto and NFT market remains as volatile as ever. However, NFT buyers are optimistic because many are taking advantage of these opportunities to see a downward trend in profitable projects.

Also Read   The friends of your NFT will reconsider their pricing strategy after the violent accumulation

As always, be careful!

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