Cryptocurrencies
Blue-Chip NFT Collections Hit Harder Than Bitcoin in Crypto Rout
- Sales prices of Bored Ape Yacht Club NFTs and others crumble
- The entire crypto market has fallen into a deep rout recently
The Bored Ape Yacht Club NFT collection on the OpenSea marketplace.
Photographer: Tiffany Hagler-Geard/BloombergThis article is for subscribers only.
Blue-chip NFT collections like Bored Ape Yacht Club, which for a while outperformed the rest of the crypto market, are being hit harder than cryptocurrencies by a deep rout that is souring sentiment across the sector.
BAYC’s average sales price plummeted 29% over the last seven days in US dollar terms, while transactions have tanked by 21% and user numbers are down 27%, according to NFT watchers Price Floor and DappRadar.