What are NFTs Monthly Update (August)

Key Takeaways

• • Bored Ape Yacht Club’s price has crashed to 67 ETH, its lowest floor price in 8 months. This was sparked due to fear of massive liquidations of Bored Ape Yacht Club NFTs. Other collections directly related to BAYC have seen record-low floor prices, with Mutant Ape Yacht Club having its own at 12 ETH. Read more about BAYC’s price crash here.
  • Nike has officially become the highest-earning brand from NFT sales. Their NFTs have brought the company revenue to US$185.34 million, which is seven times more than Dolce & Gabbana, the second company with the highest NFT profits. Their secondary transaction volume reached US$1.29 billion. Read more about Nike’s sales as an NFT brand here.
  • NFT Project SudoRare joins the infamous list of NFT project scams, making off with 520 ETH in user funds. They deleted its social media accounts, ran off approximately US$815,000 in user funds, and transferred the funds to three new addresses. The user behind the rug pull is a Kraken exchange user. Read more about SudoRare’s NFT scam here.