Bored Ape Yacht Club holders, one of Web3’s most prominent brands, have started to accept WETH bids for their tokens. The sales come as a surprise to the NFT community since Bored Ape holders typically sell their Apes for a set price considering there’s high demand for the collection. There has been a lot of speculation revolving around the BAYCs recent sales, however, here are a few reasons that stand out.
1. Ethereums’ Rise
When Ethereum and other altcoins begin to rocket in value, we’ve consistently seen NFT investors free up liquidity to profit on the cryptocurrency run. Many on Twitter believe that Ethereum’s rise of 53% in one month has sparked BAYC holders to sell their NFTs, to gain exposure to the coin market.
Bayc holders are the type to time to market and sell into stable coins lol… with the merge just 2 months away.
— Ayahuasca (@ShazNNiz) July 29, 2022
2. Economic Conditions
In recent months, the world has faced numerous situations that have added to the economic crisis. Inflation, interest rates, and fears of a recession affect all asset markets, especially risky investments. Some believe that the economic problems have fueled the BAYC sales since holders are looking to exit highly volatile markets, in hope of re-entering at a cheaper price.
NFTs (blue chips) occelate song the underlying currency price. Expect them to catch up once eth finds a new range etc. good time to buy (as the weth offer folks know) and good time so sell on the flip side.
— Xen0ph0n.eth (@Xen0sec) July 28, 2022
The recent Bored Ape sales have sparked many theories across Twitter, however, some believe that this is just temporary, and once Ethereum stabilizes, we will begin to see more listed sales occur. As NFTs continue to fall, and Ethereum continues to rise, we could see WETH sales continue for a considerable time.
