A Twitter user said that he bought a Lazy Lion with funds he planned to use to send his niece to college, with the expectation that the price of the collectible would soar over time. Due to the collapse in the price of the NFT, it has turned into a pipe dream.
Some big losses
@DaBunnyOfficial, also known online as Cartoon Monkey and a fan of the Lazy Lion, tweeted a surprising discovery. They claimed that another Lazy Lion, which someone reportedly paid $230,000 for, is now only worth $420.
An additional user, @DefiDuelKing, displayed an ape that had been purchased for $3,408,000 but was now only worth $57,700.
They claimed the current value of this one, which was bought for $3,408,000, is $57,700.
Someone said the NFT market is collapsing like a pack of cards. This assertion is partly true since there are individuals who make gains even in bear markets. For example, a report from Cirrus shows that a flipper sold a BAYC NFT they bought for 30 ETH for 44 ETH hours ago. What is interesting about the sale is that they bought the Ape five days ago.
Buying the top
In another instance, a seller sold a naked sloth they bought a day earlier for 17.5 ETH. This was barely 24 hours after they bought it for 12 ETH. What’s obvious from all these is that those who understand the market are still making profit from it, while those following hype are buying at the top.