The 82% decline in the floor price for Bored Ape NFTs is a wake-up call for investors, davidzmorris says. Opinion for the 'The Node' newsletter.
There are clear financial reasons to avoid projects that engage in this sort of inorganic marketing: it can inflate an asset market, but also makes it more fragile. In the case of crypto-assets, it can mean winding up with a lot of low-conviction holders who don’t actually understand the value proposition of what they’ve purchased.
And when a Bored Ape pops up on a talk show, someone with deep pockets may buy a dozen of them instead of just one for themselves. But this simultaneously raises the barrier to entry for new holders, and creates concentrated points of market failure for the asset. . A healthy NFT ecosystem has broad organic demand and an engaged community of predominantly individual holders – not a critical mass of speculators with heavy bags, poised to dump when the wind starts blowing the wrong direction.The most mortifying stories coming out of the BAYC community right now are of people who used their Apes as collateral for loans, and are now getting liquidated as BAYC values drop.
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