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How One Platform May Crash the Entire NFT Market
The recent failure of Luna/Terra and their UST product had monumental effects on the entire crypto market. Chain reactions helped shave over $1 trillion in market cap from crypto and crypto-related investments. Could we be on the precipice of a similar event in the NFT market?
Tom Brady, Madonna, Ben Simmons, Justin Bieber, Jimmy Fallon, Post Malone, Neymar Jr., Kevin Hart, Paris Hilton, Snoop Dogg, Von Miller, Lil Baby, the Chainsmokers, Steph Curry, Drake Bell, Adam Draper, Steve Aoki, Mark Cuban, Timbaland, Shaquille O’Neal, Dez Bryant, Marshmello, Future, Eminem, Logan Paul, DJ Khaled, and Meek Mill are all members of the most famous NFT project, Bored Ape Yacht Club.
And if you have a stack of Ethereum, a desire to be in part of this community, and patience you may soon be able to join this elite NFT club at a tremendous discount. In April 2021, Bored Apes sold for less than $300 worth of Ethereum. One year later, in April 2022, the average Bored Ape NFT sold for $213,000 worth of ETH. This month, Bored Apes are selling for an average dollar price of just under $137,000. The prices may be dropping significantly more.
