How Bored Ape Loans Destroyed The NFT Market

NFT loans with low health scores are being liquidated and causing the NFT market to crash. NFT lending platforms such and BendDAO and NFTfi have allowed users to place NFTs as collateral and take out a loans against them. Due to floor price decreases in many collections, this has caused forced liquidation for blue chip NFTs used as collateral such as Bored Ape Yacht Club and Doodles, causing their collection floor prices to further crash.

BendDAO Health Alert List - https://www.benddao.xyz/app/auction/health-factor-alert-list

BendDAO FAQ - https://docs.benddao.xyz/portal/

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