The Bored Ape Yacht Club NFT market experienced a rollercoaster ride over the weekend thanks to crypto entrepreneurJeffrey Huang, who initiated a series of sales followed by several purchases. Huang, also known as Machi Big Brother, sold over 50 Apes within days, with one Saturday transaction amounting to 651 Ethereum (about $1.2 million) on the Blur marketplace.
This sequence of events led to the lowest Ethereum-priced floor value for Bored Apes since November 2021. Previously, the floor price for Bored Ape NFTs reached a peak of around 152 Ethereum in April 2022. However, it has recently slid to about 33 Ethereum or $62,000, according to NFT Price Floor.
It is important to note that NFTs represent unique digital tokens tied to the ownership of digital art or other items, and the Bored Ape Yacht Club collection is highly valued at over $737 million. It is second only to Crypto Punks in terms of market capitalization.
Despite the initial decline, the Bored Ape market saw a rebound on Sunday when Huang bought 14 Bored Apes. One of the purchased NFTs amounted to 41 Ethereum or over $77,000. As a result, the cheapest Bored Ape now costs around $74,000, a 14% increase over the previous day, as per NFT Price Floor.
Simultaneously, Huang launched a social media contest, offering one Bored Ape to the creator of the best meme using an image he provided. This move also generated buzz around the Bored Ape Yacht Club NFTs.
Interestingly, Huang’s involvement in high-profile Bored Ape transactions comes a week after a pseudonymous blockchain investigator, ZachXBT, revealed he was being sued by Huang for defamation. The case is based on an article where ZachXBT accused Huang of embezzling tens of millions of dollars worth of Ethereum from a now-defunct crypto treasury management platform, co-founded by Huang himself.
ZachXBT has dismissed the lawsuit as baseless, calling it an attempt to suppress free speech, and has raised over $1 million in donations for his legal defense. On the other hand, Huang denies the allegations in the article and claims he was unlawfully defamed.
With the ongoing lawsuit and the recent market events, the future of Bored Ape Yacht Club NFTs remains uncertain. While some see them as a valuable investment, others may be hesitant amid the prevailing market fluctuations and the ongoing legal battle surrounding the collection’s recent high-profile buyer, Jeffrey Huang.
Source: Decrypt
