BAYC liquidation?

Hey, and welcome to another issue of NFToday!

Remember that announcement I had last Friday? I spent all weekend working on it!

I can't wait for you all to see what it is; just a few more days until I can reveal it!

Until then, get excited :)

With MORE mystery instilled, let's get on with the news!

- Hunter Maier

• BAYC liquidation?

• ETH said nope!

• Dynamic NFTs in full affect!

Several BAYC holders are at risk of losing their precious apes after being used as ETH loan collateral!!!

Let me explain...

According to their website, BendDAO is a, 

"...decentralized non-custodial NFT-backed borrowing and lending protocol where users can participate as depositors or borrowers. Depositors provide ETH liquidity to the lending pool to earn a passive income, while borrowers are able to borrow ETH through lending pool using NFTs as collateral instantly."

With the recent fall of BAYC's floor price, several locked-up NFTs may soon be put up for auction.

Each NFT-backed loan's "health" is determined by a number. If that number falls below "1," the token will automatically enter a 48-hour liquidation period where the initial owner can pay off the debt and reclaim his or her token. If the debt goes unpaid, up goes the NFT for auction!

With BAYC's floor price dropping below 50% from its all-time highs, NFT-backed loans aren't looking too hot!

BAYC owners beware!

From the looks of it, ETH's $2,000 touch was nothing but a tease!

As seen above, ETH underwent a massive red candle sell-off following Friday's bearish stock market momentum.

At the time of writing, Ethereum has found a shelf of support just above $1,575. Since then, we've seen nothing but consolidation.

Despite the hold, the overall momentum of the crypto market isn't looking too hot for the bulls!

We shall wait and see where we go from here!

Welcome to the colorful world of Finiliar!

Finiliar is a newly minted NFT collection making waves in the space. 

Why?

These little blobs have special dynamic traits that change alongside the fluctuations of the price action of specific cryptocurrencies!

"finiliar are living NFTs that use oracles to respond to fluctuations in the value of cryptocurrencies. They become happy and buoyant when the currency they are linked to does well, and sad or even sick when it performs poorly." - Finiliar's Official Website.

While the art is excellent and all, I care more about the use of technology than anything!

Dynamic NFTs have some serious real-world potential in areas like real estate and loans.

I probably won't be picking one of these guys up, but I intend to monitor the collection closely to see what they plan on doing in the near future.

If you're interested in them, you can check them out here!

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Nothing mentioned above is financial advice, this newsletter is created for nothing more than entertainment purposes!