https://www.coindesk.com/business/2022/08/19/many-bored-ape-nfts-are-in-danger-of-getting-liquidated-as-borrowed-money-comes-back-to-bite/

  • Dirt_Owl [comrade/them, they/them]
    ·
    2 years ago

    Feel kind of bad if some of these people are just poor desperate idiots who thought they found a ticket out of being poor. But then again bored apes cost like hundreds of thousands of dollars so it's unlikely, right?

  • kissinger
    ·
    1 year ago

    deleted by creator

  • UlyssesT [he/him]
    ·
    2 years ago

    But no one can take those unique digital treats from you! It's proof of ownershiperinos! :soypoint-1: :cryptocurrency: :dumpster-fire: :soypoint-2:

  • Prolefarian [he/him]
    ·
    2 years ago

    I'm a dumbass.. what does that even mean?

    People took out loans to buy apes and now their apes are getting repo'd?

    • Huldra [they/them, it/its]
      ·
      2 years ago

      If I understand correctly, they took out a loan to buy an ape(a speculative asset) and the loan was for a certain percentage of the price of the NFT asset at the time, which has now fallen significantly, and the loaners must either pay off the loan to keep the ape, or the lender platform will liquidate the ape to recoup costs.

      Thats basically the situation as I understand it.