The price of a Bored Ape Yacht Club (BAYC) NFT has plummeted in the last 24 hours, after the initial launch of ApeCoin.
According to statistics provided by CoinkGecko, the price of a BAYC NFT went from around 106 ETH ($296,000) to 77.5 ETH ($218,000) over an hour. This is a massive price difference and roughly a $78,000 decline over sixty minutes. Now, the price has stabilized, with the current price sitting at around 88 ETH ($247,000).
Why has the price of a BAYC NFT dropped?
Yesterday’s announcement confirmed that all members of the BAYC ecosystem could claim a certain amount of the new ApeCoin. This includes BAYC, MAYC and the BAKC. There are one billion ApeCoins, and 15% of this will go to the NFT holders.
Those with more than one NFT are entitled to more ApeCoins. Significantly, the ApeCoin claim is a one time only deal. If you purchase a BAYC NFT that has previously claimed $APE, you cannot do it again.
This claim acts as a sort of dividend pay-out to current BAYC holders. On Twitter, @wuestenigel summarises this position. He said, “You don’t want to overpay for a claimed NFT. After the $APE claim, there might be a massive price drop because of the dividend cut, which is a normal behaviour of assets.”
Essentially, the NFT price is now lower, but if you buy a BAYC NFT with the possibility to claim $APE, it may work out better in the long run.
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