Why Bored Ape (BAYC) Investors are jumping ship to the Chronocatz NFT Project

Things are pretty rough at the moment in the world of NFTs – the floor prices of NFTs are plummeting, scam actors are finding more vulnerable people to steal their hard-earned resources, and investors are now beginning to question the long-term viability of NFTs. As if that wasn’t enough, the creators of Bored Ape (BAYC) are now under heavy scrutiny by the United States Security and Exchange Commission (SEC). According to a report credited to Bloomberg, the SEC is investigating the company to determine whether or not the company violated federal laws in the sales of its digital assets.

Amid the SEC scrutiny and the poor performance of the NFT market, there are still some new NFT collections that are worth including in your portfolio, one of which is the Chronocatz NFT. Chronocatz is a new collection created by the team behind Chronoly, an Ethereum-powered watch NFT marketplace.

Experts believe that the investigation of Bored Ape (BAYC) by the SEC may be the major reason why investors are jumping ship to viable projects like Chronocatz NFT.

Read on to get deeper insights into SEC’s investigation of Bore Ape (BAYC) and how the Chronoly team is innovating its Chronocatz ecosystem to make it more viable.

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Bored Ape (BAYC) comes under heavy scrutiny

Apparently, the United States Security and Exchange Commission is questioning the categorization of some NFT collections created by Bored Ape (BAYC) to see whether they are closely related to stocks. According to Bloomberg’s report, if the investigation by the SEC yields a positive result, then “those NFTs will come under the purview of federal securities laws and be subjected to the same disclosure rules as stocks.” The Security and Exchange Commission has been on this investigation since March 2022.

The SEC is also investigating the process that led to the handing out of ApeCoins to holders of Mutant Ape Yacht Club, Bored Ape Kennel Club, and Bored Ape (BAYC).  Bored Ape is an NFT collection with a current floor price of $94,942.17 and a 24 hours sales volume of 668.48 ETH. Bored Ape has a total of 9998 minted NFTs that are held by 6416 unique owners. The Bored Ape ecosystem has a total market cap of $949,231,828.51.

Chronocatz gives Bored Ape (BAYC) a run for its money

If you’re an investor looking for something new, then Chronocatz will be an excellent addition to your portfolio. Chronocatz is a collection of 7,777 unique cats with different accessories, fur, and clothes. One of the major accessories is the watch the cat is wearing. The watch is a luxury timepiece from the stable of Chronoly. Chronocatz holders are granted access to a private members’ watch club known as “Chrono Wealth Club.” Members of the club enjoy a wide range of benefits, including staking bonuses, private watch auctions, exclusive discounts, and dedicated watch concierge services.

Due to the real-world use-cases that Chronocatz brings to the table, Bored Ape holders are now jumping ship to be part of the bandwagon before the floor price gets beyond their reach. According to the Chronocatz roadmap, the phase one and phase two private mint and whitelist have sold out, with phase two selling over 1300 NFTs. The Public mint is now live and ends in 18 days.

For more information about Chronocatz.io
Website: https://chronocatz.io/
Telegram: https://linktr.ee/chronolyio
Twitter: https://twitter.com/Chronolyio

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