Franklin, one of the largest whales in the Bored Ape Yacht Club (BAYC) collection, has caused a stir by dumping a large number of NFTs on April 13th. According to data from Cryptowatch, the floor price of BAYC has dropped to 55.59 ETH, which is equivalent to around 111,000 USD, the lowest level in 5 months. The reason for this drop is due to Franklin’s decision to sell off the majority of the NFTs he held in the collection.
Franklin, who has been a prominent member of the NFT community, stated that he had to sell off his NFTs due to an unfortunate IRL issue, and that he will be taking a break from NFT trading and social media for a while to focus on his personal life. The whale’s decision to sell off his NFTs has caused a ripple effect, with many other whales following suit and dumping their blue-chip NFTs.
The majority of Franklin’s NFTs were sold through Blur, a leading NFT exchange on Ethereum. Blur’s bidding pool mechanism has incentivized many NFT traders to bid, creating liquidity for the sellers. Many other whales took advantage of this and started dumping their blue-chip NFTs as well, causing many participants in the airdrop program to become “involuntary holders.”
It is worth noting that this is not the first time that NFT collectors have sold off their prized possessions. Earlier this year, two NFT collectors, Mando and OSF, sold over 70 BAYC NFTs on Blur for a total of around 10 million USD.
The volatility of the NFT market continues to be a concern for collectors, as the prices of these digital assets can fluctuate wildly based on the actions of whales and market sentiment. However, despite the recent drop in prices, some collectors remain bullish on the future of NFTs, seeing them as a new form of art and investment.
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This article was republished from azcoinnews.com
