The Rise of Bitcoin Ordinals NFT Collection by Yuga Labs
Yuga Labs, a prominent player in the Web3 industry, has recently launched their latest NFT collection called Bitcoin Ordinals. This collection consists of 300 abstract generative NFT artworks that pay tribute to Bitcoin’s unique mechanism. Each artwork is created in a 12 x 12 grid format and is inscribed onto satoshis, which are the smallest identifiable units of Bitcoin.
Bored Ape Yacht Club Faces Bearish Pressure
In contrast to the success of the Bitcoin Ordinals collection, Yuga Labs’ other popular collections have been experiencing negative developments. The renowned Bored Ape Yacht Club has witnessed an 8.6% decline in the past 24 hours, with its value currently at 27.23 Ether (equivalent to $44,316 at the time of writing).
This represents a significant annual loss of 62.2% for Bored Ape Yacht Club. Additionally, the Mutant Ape Yacht Club (MAYC), another NFT collection by Yuga Labs, has also experienced a 56% drop in value over the past year. The current floor price for MAYC NFTs is 5.20 Ether, which is below $10,000 according to CoinGecko.
Meanwhile, ApeCoin DAO’s native token, ApeCoin (APE), has reached all-time lows despite having substantial support from influential investors and no longer being directly associated with Yuga Labs. APE has a unique use case in the Otherside metaverse game, which is beloved by the Bored Ape community.
As the crypto market faces the longest bear cycle in its history, ApeCoin DAO has called upon the Bored Ape community to select a new slogan for their monkey-themed coin, signaling a potential rebranding effort.
On the Flipside: Yuga Labs’ Impact on Crypto and Blockchain
Yuga Labs stands as the industry leader in the NFT space and has played a pivotal role in popularizing crypto and blockchain technology among the masses. Their contributions have significantly influenced the mainstream adoption of these revolutionary technologies.
Hot Take: Navigating the Bearish Waters
The recent struggles faced by Yuga Labs’ collections and ApeCoin DAO reflect the challenging market conditions of the current bear cycle. As an investor in the crypto space, it is crucial to stay informed and adaptable, considering potential market fluctuations and exploring new opportunities that may arise.
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