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The NFT market is experiencing significant turbulence as prominent Blur farmer @Cbb0fe has announced the withdrawal of all his bids and loans, effectively removing nearly 40% of the market's liquidity. This move comes ahead of the end of Blur's Season 3, leading to widespread concerns about the liquidity and value of NFTs. Pudgy Penguins and Bored Ape Yacht Club (BAYC) NFTs have seen their prices fall below 10 ETH, with Pudgy Penguins facing numerous liquidation auctions. Pudgy Penguin #5209 was bought for 9.96 ETH (36,114.96 USD), and Ape #2902 was bought for 14.91 ETH (52,563.71 USD). The market is bracing for price discovery and potential further declines as other Blur farmers follow suit.
According to Blur, NFT prices have fallen sharply in the past 24h, with BAYC and Pudgy Penguins both falling below 10 ETH. Pudgy Penguins is facing a large number of liquidation auctions, and there are more than 130 Pudgy Penguins in auction status in Blend.…
Feel bad for those with bags down bad, but actually kind of excited about this. People aren't buying NFTs to try to short term trade them for profit rn. Blur farmers now pulling out. We are finally going to see THE REAL VALUE to people. And allow to build from ground up again. https://t.co/olPJwTfJws
Ape #8317 bought for 9.50 ETH (32,326.51 USD) on Blur #BAYC #BoredApe https://t.co/GKQLPPL1KE Powered by @Aloha_Bots https://t.co/LVWbTWvEGL
