Ethereum NFTs: Explaining why BAYC, MAYC are losing value

witnessed a massive surge in price over the last few weeks. Even though this boded well for ETH holders, the same couldn’t be said about Ethereum-based NFTs.As per Blur’s analysis, the ongoing ascent in the price of ETH coincides with a declining trend in the prices of NFTs denominated in ETH.

Notably, there were currently 70 BAYC, 110 MAYC, and 100 DeGods blue-chip NFTs within Blend that were in auction liquidation status. The term is commonly used in the context of marketplaces or platforms that facilitate the buying and selling of NFTs, indicating that the specified NFTs are part of an ongoing auction process and are available for interested parties to bid on.

One of the reasons for the same could be the fact that addresses could be more interested in holding ETH rather than collections on its ecosystem. This would indicate that they had more faith in the ETH token than NFT collections on the network.ApeCoin, the token associated with Yuga Labs which created BAYC and MAYC also observed a decline in price. In the last 24 hours, the price of APE fell by 3.35% . It was trading at $2.24 at the time of writing.

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