NiftyNoon: Why Is Bored Ape Yacht Club Floor Price Collapsing?

The Bored Ape Yacht Club floor price is reaching new lows during the NFT bear market (June 23, 2023)

Nifty Thought

• Bored Ape Yacht Club, once the premier profile picture NFT that was viewed as untouchable has continued to fall even into the mid-30 ETH price range over the past few weeks. There are many causes for the current Bored Ape decline ranging from Blur farmers dumping assets to cascading loan liquidations. However, a more fundamental root cause for this situation is also apparent: supply for desirable NFTs has simply outstripped demand. As the daily number of active NFT wallets continued to decline, Yuga and other NFT projects continuously released new NFTs into the broader ecosystem. In this sense, Bored Ape Yacht Club is competing against every other desirable NFT in the marketplace for the same limited attention and liquidity. With projects such as Azuki consistently engaging their community in compelling ways, there was little opportunity for Bored Apes to keep up.

• However, there is a bright side. Yuga Labs has yet to announce compelling Bored Ape plans for the rest of the year and, given their history, it is very likely they have something up their sleeves. With this in mind, it would only take one exciting announcement (such as an evolution of their annual ApeFest musical festival) to spark more demand and liquidity into the project. There is a reason the NFT market’s oldest saying is “Never fade Yuga”.

Highlighted News

• A thread on the state of the Yacht Club as a lot of people speculate the end is near:

  

  https://twitter.com/jbondwagon/status/1672075948009861120?s=46&t=Hb-nBT0zonE82bFfQEj7Cg

• Blur TVL has reached a new all-time high of $172 Million USD:

  

  https://twitter.com/blur_io/status/1671730467631165440?s=46&t=Hb-nBT0zonE82bFfQEj7Cg

Project and Community News

• Alts by Adidas shares sneak peak of one's [ALT]ernate identity:

  https://twitter.com/altsbyadidas/status/1671866250211868674?s=46&t=Hb-nBT0zonE82bFfQEj7Cg

• Nakamigos next chapter is coming this fall:

  https://twitter.com/nakamigos/status/1671571277864108055?s=46&t=Hb-nBT0zonE82bFfQEj7Cg

• The first round of voting for the ApeCoin Special Council and Governance Working Group has concluded:

  https://twitter.com/apecoin/status/1671718784732626944?s=46&t=Hb-nBT0zonE82bFfQEj7Cg

• World of Women partners with Champions League and @LigaF_oficial winners

  @FCBfemeni:

  https://twitter.com/worldofwomennft/status/1671901405018292225?s=46&t=Hb-nBT0zonE82bFfQEj7Cg

• Open Sea this month celebrating diverse creators alongside a few favorite projects:

  https://twitter.com/opensea/status/1671982563131269197?s=46&t=Hb-nBT0zonE82bFfQEj7Cg

• OpenSea Pro announces Gas-less Offer Cancellation upgrade:

  https://twitter.com/openseapro/status/1671927757503184929?s=46&t=Hb-nBT0zonE82bFfQEj7Cg

• Worf Game Shepherd shares “a trio is coming”:

  https://twitter.com/wolfdotgame/status/1671947553934376976?s=46&t=Hb-nBT0zonE82bFfQEj7Cg

• Azuki loans on Blend up to 705 ahead of tomorrow's event; First time above 700:

  https://twitter.com/punk9059/status/1671911399415488512?s=46&t=Hb-nBT0zonE82bFfQEj7Cg

• Yesterday Machi dumped 15 BAYC all in one go for ~$1m; Since then bids are down ~4E and he's had another 30 BAYC dumped on him:

  https://twitter.com/bb88888888888bb/status/1672150747704885251?s=46&t=Hb-nBT0zonE82bFfQEj7Cg

• High chance the guy who had a $2m+ long open using 13x leverage on 32+ BAYC a few days ago will be fully liquidated within 24h:

  https://twitter.com/cirrusnft/status/1671982488577785858?s=46&t=Hb-nBT0zonE82bFfQEj7Cg

Quick Stats:

• OpenSea ETH Daily Volume: 2,190 ETH (▼ 0.91%)

• Blur ETH Daily Volume: 9,476 ETH (▲ 9.75%)

• BTC: $30,166.01 (▲ 1.47%)

• ETH: $1,878.32 (▲ 0.25%)

• Solana: $16.32 (▼ 2.62%)

• Polygon: $0.66 (▼ 0.17%)

NFT Daily Winners:

• 🏴‍☠️ Captainz: 8.10 ETH (▲ 1.38%)

• ⛩️ Azuki: 16.77 ETH (▲ 0.64%)

• 🏳️‍🌈 Chromie Squiggles: 10.60 ETH (► 0.00%)

• 🐈‍⬛ VeeFriends: 1.82 ETH (► 0.00%)

NFT Daily Losers:

• 🥃 Proof Collective: 6.99 ETH (▼ 0.14%)

• 🌈 Doodles: 1.61 ETH (▼ 2.72%)

• 🚬 CryptoPunks: 47.69 ETH (▼ 3.07%)

• 🐧 Pudgy Penguins: 4.35 ETH (▼ 3.12%)

• 🥔 Potatoz: 2.22 ETH (▼ 3.27%)

• 🧝🏼‍♀️ DigiDaigaku: 2.50 ETH (▼ 3.51%)

• 🦧 Bored Ape Yacht Club: 36.29 ETH (▼ 4.75%)

• 🦉 Moonbirds: 1.63 ETH (▼ 5.14%)

• 🧟 Mutant Ape Yacht Club: 6.98 ETH (▼ 6.67%)

• 🧬 Clone X: 1.74 ETH (▼ 9.69%)

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