The floor price for Bored Ape NFTs fell to its lowest point since late 2021, when the market was in its pomp.
But Lior Messika, who runs crypto venture firm and Yuga Labs-backer Eden Block, sees rife speculation as the bigger driver of the decline in BAYC prices.
the former CEO of Goldman Sachs in Israel. He added that NFTs are highly risky assets and often “first to suffer” in volatile markets.A driving force behind that shift in dynamic is Blur, the Paradigm-backed platform built for pro traders. Since October last year, Blur has dominated an otherwise suppressed NFT market —, compared with OpenSea’s measly 10%, according to The Block Research data.
He added that where once NFT whales identified as “collectors,” they are increasingly branding themselves as traders or even “Blur farmers” — a reference to the rewards customers can earn in the platform’s token.
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