Yuga Labsโ NFT Collections Hit All-Time Lows as Others Thrive
Several NFT collections created by industry giant Yuga Labs have reached all-time low valuations in terms of ETH, while other NFT projects, including those acquired by the company, have experienced significant growth due to the soaring prices of cryptocurrencies. Letโs take a closer look at the decline of Yuga Labsโ NFT collections:
Mutant Ape Yacht Club (MAYC)
- MAYC, a collection released by Yuga in August 2021, has fallen to an all-time low floor price of 2.4 ETH.
- This means that the cheapest NFT in the 20,000-piece PFP collection can now be acquired for that price.
- When the collection first debuted, it cost 3 ETH to mint a Mutant Ape.
Otherdeed NFTs
- Otherdeed NFTs, which are virtual land deeds in Yugaโs ape-themed metaverse game called Otherside, have also seen a steady decline in their ETH price over the past year.
- Last week, they reached their all-time low floor price of 0.21 ETH but have since recovered marginally to 0.23 ETH.
- When the collection launched in May 2022, it cost 305 ApeCoin to mint an Otherdeed, which was worth $5,800 at the time.
Bored Ape Yacht Club (BAYC)
- BAYC, Yugaโs marquee NFT collection, has experienced a massive drop in value in recent months.
- The floor price of Bored Ape NFTs has fallen from 152 ETH to just 15.29 ETH.
- One year ago, the cheapest Bored Ape NFT cost 72 ETH, which was worth about $108,000 at the time. Today, that amount of money could almost buy two BAYC NFTs.
Itโs worth noting that not all NFT collections are suffering to the same extent as Yuga Labsโ collections. CryptoPunks, for example, has almost doubled in USD value since December and recently sold an NFT from the collection for $16.03 million.
Why Are Yugaโs Ape-Verse NFTs Struggling?
While other top NFT projects have also experienced a decline in recent weeks, Yugaโs Ape-verse seems to be losing value more rapidly than many others. Here are a few reasons why:
CryptoPunksโ Historical Significance
CryptoPunks, created in 2017, were the first NFT PFP collection to gain significant cultural significance and climb to sky-high prices. They represent a piece of crypto history and have weathered multiple market cycles. As a result, they hold top-tier status among many crypto enthusiasts.
Bored Apesโ Unique Business Model
When Bored Apes emerged in 2021, they introduced a new business model for NFTs focused on perks, parties, exclusivity, and access. This concept gained traction during the 2021/2022 NFT bull run. However, as the crypto market recovers from its winter phase, it remains to be seen whether Yugaโs Ape-themed metaverse will continue to appeal to NFT holders or be left behind as competitors gain momentum.
Hot Take: The Future of Yugaโs Ape-Verse
Yuga Labsโ NFT collections, particularly Bored Ape Yacht Club, Mutant Ape Yacht Club, and Otherdeed NFTs, have experienced significant declines in value. While other NFT projects are thriving, Yugaโs collections have not been able to keep up with the booming crypto market. The unique business model of the Ape-verse may have worked well during the previous bull run, but it remains to be seen whether it can maintain its appeal in the next phase of growth. As the market evolves, it will be interesting to see how Yuga Labs adapts and whether their collections can regain their former glory.
Demian Crypter emerges as a true luminary in the cosmos of crypto analysis, research, and editorial prowess. With the precision of a watchmaker, Demian navigates the intricate mechanics of digital currencies, resonating harmoniously with curious minds across the spectrum. His innate ability to decode the most complex enigmas within the crypto tapestry seamlessly intertwines with his editorial artistry, transforming complexity into an eloquent symphony of understanding.