Several collections of NFTs created by industry giant Yuga Labs have fallen to their lowest ever ETH value. At the same time, the value of other NFT projects, including those acquired by the company, has grown thanks to the surge in cryptocurrency prices.
For example, Mutant Ape Yacht Club (MAYC), a collection launched by Yuga in August 2021, has dropped to a low of 2.4 ETH. CoinGecko—That means you can purchase the cheapest NFT out of the 20,000 PFP collection at that price. When the collection first debuted, it cost 3 ETH to create a Mutant Ape.
similarly, Other acts NFT—a deed to a virtual land in Yuga’s ape-themed metaverse game the other side—The price of ETH has been falling steadily over the past year, reaching an all-time low of 0.21 ETH last week. The collection is later slightly recovered To 0.23ETH.
Although the price of ETH has more than doubled in the past year, that incredible rise has not been able to offset the plunge in Yuga NFT price. Cost is 305 Ape Coin Other certificates issued upon collection Released By May 2022, the total will amount to $5,800. Even considering ETH’s recent remarkable rise, Otherdeed’s lowest price of 0.23 ETH is only $929.
Yuga’s featured NFT collection, Bored Ape Yacht Club (BAYC), has also seen massive declines in recent months. At one point, purchasing the cheapest BAYC NFT cost 152 ETH; celebrity favorite Profile Photo (PFP) Collection at the lowest price since 15.29ETH When writing. The last time the Bored Ape NFT traded for 15 ETH was in August 2021, just a few months after the collection launched.
It is true that 15 ETH now represents more than twice as much as it did a year ago. However, ETH’s soaring price cannot offset the pace of BAYC’s decline in value. A year ago, the cheapest Bored Ape NFT cost 72 ETH. Even at the height of the cryptocurrency winter, this amount was worth about $108,000. That amount of cash could pretty much buy two BAYC NFTs today (15.29 ETH, equivalent to the project’s current low price of about $61,600 at the time of writing).
More importantly, the reality is that not all NFT collections are currently struggling as much as BAYC, MAYC, and Otherdeeds. CryptoPunks, for example, is a collection of blue-chip Ethereum NFTs for which Yuga purchased the rights. Early 2022—USD has almost doubled in value since December. CoinGecko. Last week, NFTs from the collection sold for exorbitant prices. $16.03 million.
So why is Yuga’s Ape-verse suffering disproportionately from the cryptocurrency and NFT market recovery? The Bored Ape project isn’t the only Ethereum NFT to lose steam in recent weeks as Bitcoin Ordinals gain more traction, but it’s shedding value faster than many other top projects in the space.
CryptopunkCreated in 2017, it was the first NFT PFP collection to rise to all-time highs and gain broader cultural significance. To this end, it represents a piece of cryptocurrency history and a type of value that has withstood several market cycles. It is a top status symbol for many cryptocurrency enthusiasts.
When Bored Apes emerged in 2021, they attempted to build a new business model for NFTs. perks, party, exclusivityand Entrance. The concept worked well.really well—Throughout the 2021/2022 NFT bull market.
But now that the ice from last cryptocurrency winter has finally begun to melt, can Yuga’s Ape-themed metaverse continue to appeal to NFT holders? Or will the next bull market be left behind as its competitors gain strength?
Editor: Andrew Hayward
