Mega Collector FranklinIsBored has caused a stir in the NFT market by suddenly announcing his retirement from Web3 and selling a large number of his Bored Ape Yacht Club (BAYC) NFTs. In a tweet, Franklin revealed that he was a victim of rugs and his nearly 2,000 ETH investment was defrauded in a Ponzi scheme. The above announcement triggered the sale of at least 27 BAYC NFTs, cashing in $2.8 million worth of ETH.

The recent plunge in BAYC NFT reserve price and FranklinIsBored’s sudden exit

BAYC is a collection of 10,000 unique NFTs, each depicting a bored ape character with different features and accessories. It has become a hot asset on the NFT market, with some NFTs fetching millions of dollars.

Still, the recent plunge in the reserve price of the collection has caused concern among BAYC holders and investors. Cryptowatch data shows that the reserve price of the BAYC collection has plummeted to its lowest level in five months, falling to 54.37 ETH.

The news left many wondering what exactly happened, especially given Franklin’s past trading habits and market manipulation. Twitter user @web3bandit went on to discuss what might have happened in a fairly detailed Twitter thread.

BAYC Mega Collector FranklinIsBored’s Rise and Fall in the NFT Market

For those who are not familiar with Franklin, he is a BAYC whale. He is famous for showing off his large bags on social media. However, he is also notorious for making costly trading mistakes due to his “fat fingers.” One such incident cost him 100 ETH in a costly troll attempt.

To recoup his losses, Franklin resorted to market manipulation, which he publicly acknowledged in his recent apology. He has been building a reputation as a “market maker” in the NFT trading space, as evidenced by a large Twitter thread from @k2_nft that showed him and @machibigbrother using Blur bids to shamelessly manipulate the reserve prices of multiple collections.

Additionally, Franklin recently injected a large amount of ETH into the defunct Dice2Win, which raises many questions. Why would he inject approximately $3 million into a little-known venue, and why did he never mention it publicly, even after the site was delisted?

Franklin claims to have lost around 2,000 ETH to a separate bad actor, who allegedly invested nearly $4 million because he saw others investing in the business. However, given his poor trading habits, it is odd that he would invest such a large sum without due diligence.

Ethics in the NFT Market: The Need for Due Diligence and Public Education

The NFT trading scene worships bad practices such as gambling, market manipulation, and personality cult. Therefore, these need to be re-evaluated. As industry leaders gather at NFT NYC 2023 to discuss how to improve the NFT space, the conversation must turn to ethics. There needs to be a greater emphasis on due diligence and investment in mass education.

However, Twitter user ZachXBT called the entire thread speculation rather than what actually happened. We have yet to see if there is more to this story or if this is indeed the truth. Still, the incident serves as a warning to those in the BAYC NFT space and the broader NFT market to be wary of market manipulation, gambling, and other toxic practices.

Lessons from NFT Market Super Collector FranklinIsBored’s Retirement

The retirement of super collector FranklinIsBored and his sale of his BAYC NFTs shook up the NFT market. Some questioned past trading habits and market manipulation. The recent rug pull and investment in an obscure place also raised more concerns.

The NFT trading scene must reevaluate its promotion of toxic behavior and move toward an ethical one. One that places greater emphasis on due diligence and investment in mass education.