Tech

Once immune from crypto winter, bored monkeys are feeling the cold


Blue-chip NFTs like CryptoPunks, Bored Ape Yacht Club, and Mutant Ape Yacht Club are no longer immune to the recent collapse in crypto prices.

Blue-chip NFTs like CryptoPunks, Bored Ape Yacht Club and Mutant Ape Yacht Club are no longer immune to the recent collapse in crypto prices, with a closely watched benchmark – the lowest priced item in the crypto market. collections – about 50% off last month.

For months, many of the top immutable tokens – Bored Apes in particular – have held their value even as Bitcoin and Ether prices drop. That is changing now, with the Nansen Blue Chip-10 Index having slipped 41% so far this year. The JPG NFT index, which launched this spring and features “top” collections like CryptoPunks, fell to its lowest value on Thursday and is down 57% in more than a month, according to the data tracker. CoinMarketCap.

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The reasons for the rapid catch-up are mounting. The most popular and expensive NFTs are bought with Ether, down 33% over the past month, as the entire crypto ecosystem was shaken by the collapse of stablecoin UST and related coin Luna. The associated loss of more than $40 billion in market value has deepened the cryptocurrency slump that began in early November. According to DappRadar, trading volume on OpenSea, the world’s largest NFT marketplace, 40% off in the last 30 days.

“The most expensive things have relatively few owners, and potential owners and buyers tend to be committed to keeping prices high,” said Aaron Brown, a cryptocurrency investor who writes for Bloomberg Opinion. “But economics makes us all humble, rich and poor, committed and uncommitted.”

The floor price of CryptoPunks has been falling since October, according to the NFT Floor Price tracker. The lowest possible prices of Bored Apes and Mutant Apes peaked at the end of April before starting to decline. Owners of both collections can get more ApeCoins earlier this year and to buy more NFTs called Otherdeeds, which were released on May 1st.





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