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Board. A

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yacht club NFT floor price sinks to 20 months low.

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The floor fell to about 27.4 E which

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is equivalent to approximately $58,000 on a Sunday.

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And this price has not been seen since October of 2021.

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And then we pumped to all time high. But again, we are in a bull market.

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We're currently in a bear market.

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Data from Coin getco shows the floor price hit 100 and 53.78 in April of 2022.

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And again, you guys, we were in a different market.

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Um Open sea said bay,

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I guess that's how the cool kids say it has experienced a decline in

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the average price reflecting on a wider cool down in the NFT market.

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And the top other top collections including Moon Birds. Azie

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Doodles have also experienced dips recently and the Basie

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floor price has risen back above 38 since then. Full disclosure. I own a muna

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free and clear that I traded to get and I will keep him or her forever.

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Um I think that this is just typical bear market behavior,

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but I wanna get will's um opinion on this because um he's an ordinal guy.

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I am an or

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guy

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these days.

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I am,

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I am Jen. You relinquish the throne to me. It's kind of sad. You had it,

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you know, Scott.

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Uh No, this,

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this story is sort of emblematic of the whole NFT

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market and very similar to the IC O market,

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I think in 2018, 2019 where a lot of these people made these huge projects,

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they promised a lot of things and then over time,

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those fulfillment of those promises couldn't be made because they were too,

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too big two grandiose and

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the underlying product itself was oversold.

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We saw that L A board A went up to as much as like $500,000 as a base floor.

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And the idea was, hey, let's build a whole ecosystem of this.

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We can make games, we can have celebrities be involved, we can make restaurants,

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all this sort of stuff.

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That's a lot of stuff.

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It takes years to make and only part of it

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became true even if you don't like the artwork,

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even if you don't care about that,

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there was a lot of promises for just being in this community

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and those things take time.

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And if you're not able to fill it fast enough, well,

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it's a very liquid market so you can just opt out of it very quickly.

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And I think that's what we're seeing right now is people deciding

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Hey, I'd rather have the, I'd rather have the US D than be a part of the community.

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So I'm going to jump out of it.

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I think that's the same thing that happened with Uki when it sort

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of messed up its launch two weeks ago or a week ago,

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they didn't meet the expectations of the community

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and now they're going to have to suffer the price retaliation.

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I saw Wendy shaking her head. So let's repeat that.

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So the Zui thing was just a,

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it was literally just a cash grab like these 10,000 generative A I pieces.

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They're not art like that's not why NFTS were created.

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They literally did a copy pasta of their original collection probably to pay

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for the party that they had from what I'm seeing also too.

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There's a lot of liquidations and I think it's blur. I don't use blur.

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Um but you're allowed to take loans out against your, you know, your J pegs et cetera.

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And I feel like that's what, that's what we're seeing.

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A lot of is a lot of people took out these loans and took

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out these positions and didn't anticipate for a price to drop this low.

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And we've seen this happen in the crypto markets as a trader.

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This is not something that's necessarily uncommon, but when you add more of a

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trading aspect to NFTS, you're gonna see these types of things happen.

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So not only are people opting out

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um people probably we were not taking mark or taking

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profits in the bear market and they probably had,

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were over, over leveraged and it just didn't work out well for them,

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Jen

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Wendy, you set me up for, for some facts. I found while I went digging this morning.

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So people are actually pointing to NFT trading platform blur as

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maybe one of the reasons as to why this is happening.

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So some of the information I found while I was digging around was, you know,

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blur created this trading frenzy with its tokenized incentive.

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So they're focusing in on these token knives, tokenized incentives for

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A A

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club was one of the most traded collections on on blur.

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Traders were bidding and trading in really high

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volumes with the aim of collecting more tokens.

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I think there was even a double token incentive that happened in April or May.

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And now reports are saying that many lost money in

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the trading frenzy and then had to sell at losses.

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And so that could be one of the reasons we're seeing

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kind of the same trend across some other blue chip projects.

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So this doesn't look like it is unique to the board A P A club.

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And I think it's interesting as we get these new

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mechanisms to operate with in the D I world.

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Uh We, we may see some interesting things happen with NFTS.

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Well,

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that stuff, some stuff out there.

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Yeah, I gotta be an ordinals fan get some inscriptions

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the next wave of NFTS and they built on Bitcoin. So they're way better.

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I was gonna quickly point to this, this tweet that I thought was really funny.

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As I was digging for information.

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This person says,

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imagine walking into a watch store and seeing 10 dudes repeatedly

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chuck all the Rolexes back and forth at each other.

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That's what it feels like logging on to blur,

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seeing how farmers are treating these luxury digital assets.

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I thought that was kind of funny and,

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and a great way to visualize why maybe new buyers aren't,

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aren't aping in to board a py club.

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But when I'll give it back to you for last one,

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last word is, and we'll answer this on the next show when we cover ordinals.

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Do you think if the ape owners inscribed their apes on as an ordinal?

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Do you think that would potentially help?

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But don't answer now,

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next time, next time?

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But no,

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there we go.

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There we go.