The Rise of Bitcoinย (BTC) Ordinals NFT Collection by Yuga Labs
Yuga Labs, a prominent player in the Webย 3.0 industry, has recently launched their latest NFT collection wasย known Bitcoinย (BTC) Ordinals. This collection consists of 300 abstract generative NFT artworks that pay tribute to Bitcoinโs 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
Inย contrastย toย the success of the Bitcoinย (BTC) Ordinals collection, Yuga Labsโ other trending collections have been experiencing negative developments. The renowned Bored Ape Yacht Club has witnessed an 8.6% decline in the past 24 hours, with itsย price asย ofย now at 27.23 Ether (equivalent to $44,316 at the time of writing).
This represents a wholeย lotย of annual loss of 62.2% for Bored Ape Yacht Club. Inย addition, the Mutant Ape Yacht Club (MAYC), another NFT collection by Yuga Labs, has likewise experienced a 56% fall in value inย theย previous year. Theย present floor price for MAYC NFTs is 5.20 Ether, which is below $10,000 according to CoinGecko.
Inย theย meantime, ApeCoin DAOโs native token, ApeCoin (APE), has reached all-time lows regardlessย of having substantial support from influential investors and no longer being directly associated with Yuga Labs. APE has a unique use case in the Otherside metaverseย network game, which is beloved by the Bored Ape community.
As the cryptocurrency market faces the longest bear cycle in its history, ApeCoin DAO has wasย known upon the Bored Ape community to select a new slogan for their monkey-themed coin, signaling a probable rebranding effort.
The other side: Yuga Labsโ Impact on Cryptocurrency and Blockchain
Yuga Labs stands as the industry leader in the NFT space and has played a pivotal role in popularizing cryptocurrency and blockchain technology between the generalย public. Their contributions have significantly influenced the mainstream adoption of these revolutionary technologies.
The recent struggles faced by Yuga Labsโ collections and ApeCoin DAO reflect the challenging market conditions of theย present bear cycle. As an investor in the cryptocurrency space, it isย importantย to stay notified and adaptable, considering probable market fluctuations and exploring newย doors that may arise.
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