The Decreasing Value of BAYC and MAYC NFTs on the Ethereum Blockchain
Ethereum [ETH] witnessed a massive surge in price over the last few weeks. Even though this boded well for ETH holders, the same couldn’t be said about Ethereum-based NFTs.
A divergence is observed
As per Blur’s analysis, the ongoing ascent in the price of ETH coincides with a declining trend in the prices of NFTs denominated in ETH.
Over the past 24 hours, notable drops have been observed, with Bored Ape Yacht Club (BAYC) decreasing by 10% to 15.2 ETH, Mutant Ape Yacht Club (MAYC) down by 11%, DeGods by 8%, Azuki by 6%, and others.
Notably, there were currently 70 BAYC, 110 MAYC, and 100 DeGods blue-chip NFTs within Blend that were in auction liquidation status.
For context, auction liquidation status often implies that the NFTs are actively listed for auction, and potential buyers can place bids to acquire these digital assets.
The term is commonly used in the context of marketplaces or platforms that facilitate the buying and selling of NFTs, indicating that the specified NFTs are part of an ongoing auction process and are available for interested parties to bid on.
Popular NFT collections such as BAYC(Mutant Ape Yacht Club) and MAYC(Mutant Ape Yacht Club) were one of the few collections that witnessed the highest amount of correction.
One of the reasons for the same could be the fact that addresses could be more interested in holding ETH rather than collections on its ecosystem. This would indicate that they had more faith in the ETH token than NFT collections on the network.
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