SNEAK PEEK
- Machi Big Brother caused a stir in the NFT market with significant buying and selling of Bored Ape Yacht Club NFTs.
- Huang sold 19 Bored Apes for 651 Ethereum, approximately $1.2 million.
- The value of Bored Ape NFTs peaked in April 2022 at around 152 Ethereum but has since declined to about 33 ETH.
Over the weekend, the NFT market experienced a whirlwind of activity as Jeffrey Huang, popularly known as Machi Big Brother, made waves by significantly buying and selling Bored Ape Yacht Club NFTs. This series of transactions has sent shockwaves through the market, prompting discussions about the value and future of these highly sought-after digital assets.
According to Blur, a prominent NFT marketplace, Huang has been involved in the movement of more than 50 Bored Ape NFTs in recent days. On Saturday, he sold an impressive 19 Apes on Blur for a staggering 651 Ethereum, equivalent to roughly $1.2 million at the time of this writing.
This unexpected sale has profoundly impacted the market, causing the floor price of Bored Ape NFTs to plummet to its lowest position in Ethereum value since November 2021.
Interestingly, Bored Ape NFTs peaked in April 2022, commanding a floor price of approximately 152 Ethereum. However, as reported by NFT Price Floor, the value has steadily declined to around 33 Ethereum or $62,000 for these highly regarded “blue chip” NFTs. Despite their recent struggles, the Bored Ape Yacht Club still holds the second-highest market valuation in the NFT space, boasting a total worth exceeding $737 million.
Fortunately for Bored Ape enthusiasts, Sunday brought a glimmer of hope as Huang himself reentered the market, purchasing 14 Bored Apes for a total of 41 Ethereum, equivalent to roughly $77,000. This sudden surge of interest from Huang has had a positive effect, as NFT Price Floor reports a modest increase in the lowest-priced Bored Ape, now hovering around $74,000, representing a 14% rise from the previous day.
Interestingly, Huang’s foray into Bored Ape NFTs was accompanied by a controversial Twitter post. He shared a photo of himself holding a shotgun, challenging users to create the “best meme” to win an Ape. While the intentions behind this post remain unclear, it has added an intriguing layer of engagement and competition within the community.
As the Bored Ape Yacht Club collection navigates these tumultuous waters, the market awaits with bated breath to see how this surge of activity and Huang’s involvement will shape the future of these highly coveted NFTs. Will they regain their former glory, or will their value remain in flux? Only time will tell the tale of the Bored Apes in the ever-evolving world of NFTs.
