NFT Market on Dumping Spree With Massive BAYC Shorts

1. The NFT market is currently on a dumping spree, with leading collections on a huge drop.
2. The dumping spree may be due to collection holders selling their NFTs without hesitation.
3. Bored Ape Yacht Club led the price drop, followed by other top collections.

The NFT market appears to be experiencing a huge dump with various leading collections suffering panic selling at a ridiculous rate.

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Various reports showed Bored Ape Yacht Club (BAYC) NFTs, arguably one of the most luxurious collections today, are being sold from 58-63 ethers (ETH) in the last two days.

Crypto journalist Colin Wu reported similar statistics, this time involving Taiwanese artist Jeffery Huang. According to him, Huang sold BAYC NFTs for 58-60 ETH, considerably lower than the floor price on leading NFT marketplace OpenSea, which is 68 ETH.

What is more, bankrupt Three Arrows Capital’s (3AC) liquidator Teneo is intent on selling around $22 million worth of NFTs soon, according to various media sources.

As seen in the above tweet, other prominent NFT collections are being dragged down by the dumping spree. BAYC’s sister collection Mutant Ape Yacht Club (MAYC) is still on a 42% drop in the last hour. Moonbirds Oddities and Otherdeed for Otherside are also down by 65% and 29% in the last hour, respectively.

It is not clear which sparked the ongoing panic selling of NFTs. However, some have come up with interesting allegations on Twitter.

On the bright side, BAYC is slowly recovering in price after it suffered huge losses earlier today. A couple of hours ago, the floor price for BAYC reached around 62 ETH.

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