Bored Ape NFT Ecosystem Rises; Platforms saw declining trades
- A majority of the Yuga papers saw increasing trading volume this month.
- The NFT market fell by almost 30% in the last 24 hours.
Non-fungible tokens have plummeted along with the crypto market last year. However, a recent event suggests that the market is still offering fruitful results to investors. NFTs gained a lot of attention in 2021, gaining around 21,000% over the year. But some experts believe that it was a bubble that burst and that people may never see anything like it in the industry again.
Otherdeeds remains the top winner this month
According to Bloomberg, a pair of Barclays Plc employees traded Bored Ape Yacht Club (BAYC) NFTs to record around 700% profit. Data from OpenSea, the largest NFT marketplace, shows that they sold 72 Bored Apes for 78 ETH last week. Currently, the collection has a floor price of 69.25 ETH at the time of publication.
BAYC is by far the most famous name in the NFT arena. Its popularity has reached the mainstream entertainment market considering it has caught the eye of popular industry names such as Jimmy Fallon, Eminem, Snoop Dogg and more. Although a majority of them are facing a class-action lawsuit in which the defendants claimed that these celebrities helped Yuga Labs, the company behind the collection, manipulate the price of their digital assets.
Yuga Labs is working on its upcoming metaverse game, Otherside. Their recent blog suggests that the company may release a “second go” demo this year. Meanwhile, users can watch the official launch soon after the event. Otherdeed, the original NFT plots of Otherside, has a base value of 1.7 at the time of writing.
According to DappRadar, a data aggregator, the Bored Ape ecosystem has flourished this month. Mutant Ape Yacht Club (MAYC) increased 85.33% in volume during the period, while Otherdeeds rose 268.33%. However, Bored Ape Kennel Club (BAKC) fell by 16.54% in one month. A token native to their recently released game, Dookey Dash, plunged 14.94%.
Competition between NFT marketplaces has intensified in recent days. Blur, a recently released NFT platform caught everyone’s attention. Dune Analytics, another data aggregator, shows that the newcomer took a whopping 82% market share on Ethereum recently.
Nevertheless, LooksRare, an NFT platform, also appeared out of nowhere to compete with OpenSea, but failed. Latest data shows that Blur has lost 45.86% sales volume in the last 24 hours. Meanwhile, OpenSea has lost over 50% during this time frame. CoinMarketCap data shows that the market has fallen by over 28% in the last 24 hours.
Disclaimer
The views and opinions expressed by the author, or any person mentioned in this article, are for informational purposes only and do not constitute financial, investment or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
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.
