BAYC NFT continues to dominate – up 10x in a week
Why Bored Ape Yacht Club (BAYC) is the most decorated NFT gathering, people ask. According to OpenSea, the largest NFT marketplace, the collection has an all-time high in terms of volume, at over 1 million ETH. The community is eagerly awaiting the Otherside metaverse, which the BAYC creators said will launch sometime this year. Meanwhile, Mutant Ape Yacht Club (MAYC) remains on top with a trading volume of $23.16 million at press time.
Positive signs appear on the network
Recently, the CEO bought an Ape for 50 Ethereum (ETH) from the NFT Marketplace Blur. The purchase was probably a display of how much faith he has in the project. BAYC has attracted many popular names including Eminem, Neymar Jr, Jimmy Fallon and more. Yuga Lab’s native collection recently saw over 1000% growth in a week according to DappRadar, a data aggregator
OpenSea activity shows that several NFTs were sold at an average price of 45 wrapped Ethereum (wETH). The collection received the highest weekly volume on Sunday, May 28 with 2619 ETH. However, Bored Apes has lost over 60% in floor price since its all time high.
According to Galaxy, a blockchain data aggregator, CryptoPunks recently surpassed Bored Apes to become the most expensive blue chip collection. While BAYC’s floor value has dropped consistently over the months, Punks have maintained a healthy price as they recently crossed paths with the Monkeys. Collections including Doodles, Otherdeeds by Otherside and more had kept a low profile.
Last month Yuga Labs won the Intellectual Property Rights (IP) case against Jeremy Cahen and Ryder Ripps. Both individuals in the lawsuit said the Yuga Labs collection is similar to their NFT collection titled RR/BAYC. Also, BAYC is more expensive compared to Jeremy and Ryder’s collectibles.
The company was involved in another class action lawsuit that drew some famous celebrities including Jimmy Fallon, Kevin Hart, Snoop Dogg among others. According to court documents, Yuga Labs allegedly used popular characters to attract investors’ attention. In addition, Hollywood talent agent Guy Oseary used his network to promote the blue chip collection.
Dookey Dash gave the BAYC Ecosystem a boost
CryptoSlam data shows that BAYC fundraising peaked at $11.4 million on February 22, 2023. Since then, the collectibles have not shown any significant movement in sales. On May 10, 2023, the volume passed 5 million dollars, but again it was low-key. Yuga Labs tried to give a boost to their ecosystem in January with the trial of Jimmy the Monkey in Dookey Dash, an NFT-based game.
Since the game’s launch, the ecosystem has introduced a few BAYC-focused items, including HV-MTL NFTs. Kyle Jackson aka Mongraal, a YouTube personality won the Dookey Dash key which he traded for $1.6 million.
Anurag has been working as a founding writer for The Coin Republic since 2021. He enjoys exercising his curiosity muscles and researching deeply into a topic. Although he covers various aspects of the crypto industry, he is quite passionate about Web3, NFTs, Gaming and Metaverse, envisioning them as the future of the (digital) economy. A reader and writer at heart, he calls himself an “average guitar player” and a fun soccer player.
