Dear Jennifer:
Most Masdevallias (especially those with large and brightly colored flowers) require cool nights, and too high a night temperature might well cause buds to blast. And though the dryer vent might give it humidity when the clothes start to tumble, by the time they are done it is going to be warm dry air. In the house, too high a night temperature and too low a humidity (or the dry warm draft) are the most likely causes for bud blast. A second possibility is that the sun is getting the buds too hot as we head into spring. A third possibility is bush snails. These are tiny snails that would eat a hole into the flower spike and cause it to yellow and collapse. They are quite tiny, and you would only see them if you went out at night to inspect the plant. They don't go for conventional snail bait, and are usually in the pot eating rotting potting mix but occasionally attacking root tips and buds. Keep the lights out in the room and then go out around midnight to see if they are on the surface of the mix or on the plant.
If you get more buds on the plant (and many Masdevallias can make more than one crop of buds) try keeping the plant in the coolest part of the house or outside in the shade if you live where the nights will be above 50 degrees at night (the big spectacular red, magenta, orange and yellow flowered plants love nights around 55, and hate nights 70 or above).
Sincerely,
Dennis