YACoin(YAC)

Bored Ape Yacht Club and Mutant Ape Yacht Club NFTs were returned to their owners after Yuga Labs' Greg Solano and Boring Security DAO paid a bounty.

A Web3 security firm, Boring Security, has announced that it has successfully recovered 36 Bored Ape Yacht Club (BAYC) and 18 Mutant Ape Yacht Club (MAYC) NFTs.

The company's decision comes amid the ongoing NFT bear market.

The developer behind the Mutant Ape Planet non-fungible token (NFT) collection – a knockoff of the Mutant Ape Yacht Club NFTs – pleaded guilty on Tuesday to defrauding buyers in a rug pull that netted almost $3 million, according to the U.S. Department of Justice (DOJ).

The Bored Ape Yacht Club’s official Twitter account said an investigation confirmed suspicions that UV lights were the likely cause of the reported eye and skin issues suffered by some attendees.

Attendees of a ApeFest, an event hosted by Bored Ape Yacht Club creators Yuga Labs, have been receiving medical care after reporting blurred vision and burning eyes.

Yuga Labs, a firm behind the Bored Ape Yacht Club NFTs, has completed restructuring to focus on its upcoming metaverse project Otherside.

Yuga Labs, the creators of the Bored Ape Yacht Club (BAYC) NFT collection, and LSLTTT Holdings Inc, creator of the Pudgy Penguins collection, are among many withholding some of their collections.

A community member highlights the drastic shift in mainstream media narrative, sharing a previous article promoting the Bored Ape Yacht Club NFT collection.

A new court filing lists a multimillion-dollar yacht purchased for Trabucco as a business expense.

The payment to the American Yacht Group was disclosed under the category of payments benefiting any insider within one year prior to the crypto exchange collapse.

Friend.Tech’s 24-hour fee jump places the social app in the top three projects for fee generation, only behind Ethereum and Lido, according to data from DeFiLlama. Let’s find out more. Ethereum According to a recent filing with the U.S. Securities and Exchange Commission (SEC), Ark Invest and 21Shares are teaming up to apply for an Ethereum Futures Exchange Traded Fund (ETF). Cryptocurrency exchange Bitstamp announced it would end Ethereum (ETH) staking services to its US customers as of September 25 due to the rigid US regulatory environment. According to a post by Farcaster co-founder Dan Romero on August 23, the decentralized social media protocol is migrating to OP Mainnet. DeFi Shiba Inu's much-anticipated Shibarium network, a layer-2 solution built on Ethereum, is gearing up for a fresh launch after encountering initial setbacks. Blockchain oracle provider API3 has announced that it is launching a new data feed service suite for Polygon zkEVM, designed from a new push oracle solution that's centered around first-party architecture. The dYdX foundation has published a list of guidelines and requirements that validators and stakers must comply with to ensure maximum user protection. Altcoins The PEPE token registered a sharp decline in price after millions of meme tokens flooded prominent crypto exchanges such as Binance, Bybit, and OKX. A phishing site has seized control of the Terra website, leading the site developers to sound the alarm and eventually freeze the Terra.money website. The social app Friend.tech has registered a big increase in protocol fees, generating fees in excess of $1.4 million in a 24-hour period. The team has vehemently denied a report claiming the personal data of over 100,000 users had been leaked. Technology Yuga Labs, the creators of the hugely popular NFT collection Bored Ape Yacht Club (BAYC), announced they will remove support for OpenSea’s Seaport Protocol from February 2024. Business Leading e-commerce platform Shopify will now allow users to make USDC payments thanks to its recent integration of the Solana Pay app. Considering the complexity of the ever-evolving crypto market, the trading platform Bitget has introduced the Bitget Protection Fund. Dropbox has moved its unlimited storage plan to a metered one in order to stop crypto miners’ “uneven usage.” Binance, the renowned global crypto exchange, has expanded its footprint by introducing its payment solution, Binance Pay, to the Brazilian market. Binance is pulling its horns in Latin America and the Middle East by withdrawing its crypto payment credit card. Coinbase and Circle, the two entities behind USD Coin (USDC), have announced new terms that would change the governance and funding of the USDC stablecoin. Regulation The SEC has charged a former corrections officer from New Jersey for his role in a bizarre cryptocurrency scam. The FBI has spotlighted six Bitcoin wallets believed to have connections with North Korea for their alleged ties to activities that breach US sanctions. Disgraced FTX founder Sam Bankman-Fried has pleaded not guilty to seven new charges brought against him in a Manhattan federal court on Tuesday. US District Judge Robert Pitman has dismissed an appeal filed by six Tornado Cash users who sought to lift sanctions placed on the controversial cryptocurrency mixer. Security Magnate Finance, a lending and borrowing protocol that operates on the Ethereum Layer-2 network Base, has apparently orchestrated a rug pull, stealing millions of dollars from users of the protocol. Liquidity protocol Balancer has disclosed that it has discovered a critical vulnerability that has impacted over 100 of its v2 pools spread across eight different blockchains. Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

Friend.Tech’s 24-hour fee jump places the social app in the top three projects for fee generation, only behind Ethereum and Lido, according to data from DeFiLlama. Let’s find out more. Ethereum According to a recent filing with the U.S. Securities and Exchange Commission (SEC), Ark Invest and 21Shares are teaming up to apply for an Ethereum Futures Exchange Traded Fund (ETF). Cryptocurrency exchange Bitstamp announced it would end Ethereum (ETH) staking services to its US customers as of September 25 due to the rigid US regulatory environment. According to a post by Farcaster co-founder Dan Romero on August 23, the decentralized social media protocol is migrating to OP Mainnet. DeFi Shiba Inu's much-anticipated Shibarium network, a layer-2 solution built on Ethereum, is gearing up for a fresh launch after encountering initial setbacks. Blockchain oracle provider API3 has announced that it is launching a new data feed service suite for Polygon zkEVM, designed from a new push oracle solution that's centered around first-party architecture. The dYdX foundation has published a list of guidelines and requirements that validators and stakers must comply with to ensure maximum user protection. Altcoins The PEPE token registered a sharp decline in price after millions of meme tokens flooded prominent crypto exchanges such as Binance, Bybit, and OKX. A phishing site has seized control of the Terra website, leading the site developers to sound the alarm and eventually freeze the Terra.money website. The social app Friend.tech has registered a big increase in protocol fees, generating fees in excess of $1.4 million in a 24-hour period. The team has vehemently denied a report claiming the personal data of over 100,000 users had been leaked. Technology Yuga Labs, the creators of the hugely popular NFT collection Bored Ape Yacht Club (BAYC), announced they will remove support for OpenSea’s Seaport Protocol from February 2024. Business Leading e-commerce platform Shopify will now allow users to make USDC payments thanks to its recent integration of the Solana Pay app. Considering the complexity of the ever-evolving crypto market, the trading platform Bitget has introduced the Bitget Protection Fund. Dropbox has moved its unlimited storage plan to a metered one in order to stop crypto miners’ “uneven usage.” Binance, the renowned global crypto exchange, has expanded its footprint by introducing its payment solution, Binance Pay, to the Brazilian market. Binance is pulling its horns in Latin America and the Middle East by withdrawing its crypto payment credit card. Coinbase and Circle, the two entities behind USD Coin (USDC), have announced new terms that would change the governance and funding of the USDC stablecoin. Regulation The SEC has charged a former corrections officer from New Jersey for his role in a bizarre cryptocurrency scam. The FBI has spotlighted six Bitcoin wallets believed to have connections with North Korea for their alleged ties to activities that breach US sanctions. Disgraced FTX founder Sam Bankman-Fried has pleaded not guilty to seven new charges brought against him in a Manhattan federal court on Tuesday. US District Judge Robert Pitman has dismissed an appeal filed by six Tornado Cash users who sought to lift sanctions placed on the controversial cryptocurrency mixer. Security Magnate Finance, a lending and borrowing protocol that operates on the Ethereum Layer-2 network Base, has apparently orchestrated a rug pull, stealing millions of dollars from users of the protocol. Liquidity protocol Balancer has disclosed that it has discovered a critical vulnerability that has impacted over 100 of its v2 pools spread across eight different blockchains. Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

Yuga Labs, the creators of the hugely popular NFT collection Bored Ape Yacht Club (BAYC), have announced they will be removing support for OpenSea’s Seaport Protocol from February 2024. OpenSea has made over $100 million in fees from collections such as Bored Ape Yacht Club, BAKC, Mutant Apes, and other prominent NFT collections. Yuga Labs To Block OpenSea Yuga Lab’s decision to block OpenSea comes after OpenSea announced its decision to disable mandatory royalties for existing collections. OpenSea announced a slew of changes in a blog post published on the 17th of August. OpenSea had stated in its update, “We launched our Operator Filter so creators could restrict secondary sales to web3 marketplaces that enforce creator fees. But we relied on opt-in by the entire ecosystem, which didn’t happen. So we’re making a few changes to our approach to creator fees. Starting on Thursday, the 31st of August, 2023, we’re moving to optional creator fees on OpenSea in an effort to better reflect the principles of choice and ownership that drive this decentralized ecosystem.” Yuga Lab’s collections on OpenSea comprise nearly $5 billion worth of all-time traded value. Out of this, the Bored Ape Yacht Club alone has generated around $2 billion. The announcement makes Yuga Labs the latest NFT project to come out in opposition to OpenSea’s controversial decision. Yuga Labs CEO Daniel Alegre, stated in a post on X, “Yuga Labs will begin the process of sunsetting support for OpenSea’s SeaPort for all upgradable contracts and any new collections, with the aim of this being complete in February 2024 in tandem with OpenSea’s approach. “For as much as NFTs have been about users truly owning their digital assets, they’ve also been about empowering creators. Yuga believes in protecting creator royalties so creators are properly compensated for their work.” A spokesperson for Yuga Labs stated that the company would be moving towards disallowing OpenSea’s marketplace to trade any of its collections as they phase out royalties. Move Panned By NFT Community OpenSea’s sudden move has, not surprisingly, angered the NFT and digital art communities, with artists expressing their anger and disbelief at the decision. They have also criticized OpenSea’s lack of respect and appreciation for the creators from whom it had profited off for years. One of the most prominent investors in OpenSea, Mark Cuban, has also criticized the move, posting on X. “Not collecting and paying royalties on NFT sales is a HUGE mistake by OpenSea. It diminished trust in the platform and hurts the industry.” The company has also changed its OpenSea Pro fee structure and will be levying a 0.5% fee on listings and offers on the platform starting the 31st of August. At present, the 0.5% listing fee is only applicable in specific instances where the creator royalty is set to below 0.5% or if the collection does not meet specified thresholds. The move could drive users to Blur, which recently surpassed OpenSea as the leading NFT marketplace by trading volume. Collections such as Bored Ape Yacht Club and CryptoPunks play a crucial role in contributing to the success of NFT marketplaces such as OpenSea. According to data from Ninjalerts, Yuga Lab’s 30-day trading volume is 80% of the size of OpenSea’s at $52.8 million. Meanwhile, OpenSea’s 30-day volume is around $66.7 million. “Yuga’s 30d volume is 80% the size of OpenSea’s. This is the leverage that IP has over NFT Marketplaces. The NFT Marketplaces are dead without the most important IP Will this lead to walled garden marketplaces by IP owners? That’s much more complicated, so I’m not sure. Distributors can also create walled gardens. Is there any upside for OpenSea to work as an “Authorized Reseller” that maintains royalties for the top IP? Probably? It will be very difficult for these IP creators to make good marketplaces.” Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

Yuga Labs, the creators of the hugely popular NFT collection Bored Ape Yacht Club (BAYC), have announced they will be removing support for OpenSea’s Seaport Protocol from February 2024. OpenSea has made over $100 million in fees from collections such as Bored Ape Yacht Club, BAKC, Mutant Apes, and other prominent NFT collections. Yuga Labs To Block OpenSea Yuga Lab’s decision to block OpenSea comes after OpenSea announced its decision to disable mandatory royalties for existing collections. OpenSea announced a slew of changes in a blog post published on the 17th of August. OpenSea had stated in its update, “We launched our Operator Filter so creators could restrict secondary sales to web3 marketplaces that enforce creator fees. But we relied on opt-in by the entire ecosystem, which didn’t happen. So we’re making a few changes to our approach to creator fees. Starting on Thursday, the 31st of August, 2023, we’re moving to optional creator fees on OpenSea in an effort to better reflect the principles of choice and ownership that drive this decentralized ecosystem.” Yuga Lab’s collections on OpenSea comprise nearly $5 billion worth of all-time traded value. Out of this, the Bored Ape Yacht Club alone has generated around $2 billion. The announcement makes Yuga Labs the latest NFT project to come out in opposition to OpenSea’s controversial decision. Yuga Labs CEO Daniel Alegre, stated in a post on X, “Yuga Labs will begin the process of sunsetting support for OpenSea’s SeaPort for all upgradable contracts and any new collections, with the aim of this being complete in February 2024 in tandem with OpenSea’s approach. “For as much as NFTs have been about users truly owning their digital assets, they’ve also been about empowering creators. Yuga believes in protecting creator royalties so creators are properly compensated for their work.” A spokesperson for Yuga Labs stated that the company would be moving towards disallowing OpenSea’s marketplace to trade any of its collections as they phase out royalties. Move Panned By NFT Community OpenSea’s sudden move has, not surprisingly, angered the NFT and digital art communities, with artists expressing their anger and disbelief at the decision. They have also criticized OpenSea’s lack of respect and appreciation for the creators from whom it had profited off for years. One of the most prominent investors in OpenSea, Mark Cuban, has also criticized the move, posting on X. “Not collecting and paying royalties on NFT sales is a HUGE mistake by OpenSea. It diminished trust in the platform and hurts the industry.” The company has also changed its OpenSea Pro fee structure and will be levying a 0.5% fee on listings and offers on the platform starting the 31st of August. At present, the 0.5% listing fee is only applicable in specific instances where the creator royalty is set to below 0.5% or if the collection does not meet specified thresholds. The move could drive users to Blur, which recently surpassed OpenSea as the leading NFT marketplace by trading volume. Collections such as Bored Ape Yacht Club and CryptoPunks play a crucial role in contributing to the success of NFT marketplaces such as OpenSea. According to data from Ninjalerts, Yuga Lab’s 30-day trading volume is 80% of the size of OpenSea’s at $52.8 million. Meanwhile, OpenSea’s 30-day volume is around $66.7 million. “Yuga’s 30d volume is 80% the size of OpenSea’s. This is the leverage that IP has over NFT Marketplaces. The NFT Marketplaces are dead without the most important IP Will this lead to walled garden marketplaces by IP owners? That’s much more complicated, so I’m not sure. Distributors can also create walled gardens. Is there any upside for OpenSea to work as an “Authorized Reseller” that maintains royalties for the top IP? Probably? It will be very difficult for these IP creators to make good marketplaces.” Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

Leading web3 company Yuga Labs has announced its agreement to acquire tech innovator Roar Studios to bolster its ambitions Otherside project. Adopting Roar’s Tech For Otherside The announcement was made on July 31 by Yuga Labs, home of popular NFT collections like Bored Ape Yacht Club (BAYC), CryptoPunks, Meebits, and 10KTF. On the other end of the deal is tech innovator Roar Studios, working at the intersection of gaming, social media, and the metaverse. As per the announcement, Yuga Labs is seeking to add more value to its Otherside project, which is being designed to be an interoperable metaverse that will revolutionize virtual experiences. Roar CEO In Charge Of Otherside Following the acquisition, Roar Studio’s CEO, Eric Reid, will take on the role of General Manager of Otherside. With over two decades of experience in building teams and creating and distributing film, television, and music content for global audiences, including work on film franchises like UNDERWORLD, Reid brings valuable expertise to lead the development and production of the Otherside platform. Addressing the acquisition by Yuga Labs, Reid stated, "Our team's mission is to empower players to create and be social in a community-driven, open media experience, so our work fundamentally aligns with Yuga's larger web3 metaverse strategy. When Daniel and Mike Seavers opened the door for us to contribute to Yuga's paradigm-shifting approach to content and immersive experiences, we jumped at the opportunity." More about Roar Roar Studios has been making waves with its creation, ROAR, an immersive media platform where artists and fans can connect, collaborate, and compete in real time from anywhere. The platform combines cutting-edge proprietary technology with established MMO games and platform systems, resulting in an entirely new product category—an experiential, semi-autonomous music and entertainment world driven by individual content creators and community consensus. Yuga's Expansive Vision and Roar's Complementary Expertise Otherside, one of the most ambitious interactive metaverse projects to date, is designed with community participation in mind, rejecting the concept of traditional walled gardens in gaming spaces. The project's success is evidenced by its $450M seed funding round in March 2022, valuing Yuga Labs at $4B. The acquisition of Roar Studios will bring in a team that has experience in redefining how media content is experienced in virtual environments. Daniel Alegre, CEO of Yuga Labs, has welcomed Roar's talented team to the Yuga family, saying, "Roar Studios has redefined what it means to experience media content in the metaverse. Yuga's North Star is creating new ways for communities to connect and express themselves, and I am excited to welcome Roar's talented team to our Yuga family. Roar's dedication to creative content creation and social connections will accelerate our execution of our bold vision for Otherside and Yuga's ecosystem more broadly." Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

The patches were designed by 11 artists, including Jen Stark, Nyan Cat creator Christopher Torres and Bored Ape Yacht Club artist Seneca, and are embedded with NFC chips.

Looks like Cameron Winklevoss made good on his promise of pursuing legal action against DCG CEO Barry Silbert after the latter failed to meet his final offer payment of $1.47 million. Let’s find out more. Bitcoin Google Cloud's recently announced a partnership with infrastructure provider Voltage, unveiling a new trajectory for the tech giant's Bitcoin and Lightning ambitions. Lightning Labs, the primary Bitcoin Lightning Network development firm, has rolled out a revolutionary set of tools designed for AI applications. A recent report by JP Morgan looks to play down the effect that the approval of a Spot Bitcoin ETF might bring to the crypto sector. Bitcoin miners have raked in an impressive revenue of $184 million in the second quarter of 2023, breaking previous records. Perhaps because of incredibly bullish statements by Blackrock CEO Larry Fink, Bitcoin has set a new yearly high with expectations of going much higher. Ethereum Ethereum Name Service Labs has announced plans to introduce Layer 2 interoperability for its ENS domains during a community call on June 28. DeFi In the wake of a series of high-profile security breaches plaguing the DeFi space, a group of Ethereum community members has put forth a new standard, ERC 7265, aiming to enhance the security of DeFi protocols. The latest statement from the Uniswap Foundation has claimed that the launch of version 4 of the protocol depends on Ethereum’s upcoming Cancun upgrade. Altcoins The Multichain MPC bridge platform has seen abnormally large outflows, fueling concerns that the platform could be a target for a multi-million dollar exploit. Binance no longer supports deposits and withdrawals for several cross-chain bridge tokens linked with the Multichain project. Ethereum founder Vitalik Buterin has expressed his sympathy and concerns for Solana and other cryptocurrencies in the context of the SEC’s crackdown on the crypto markets. Technology The Open Network (TON) has announced the release of an on-chain encrypted messaging feature, allowing private messages between TON users. Business After Cameron Winklevoss penned an open letter threatening litigation against Barry Silbert over the latter’s role in the Gemini Earn Program, cryptocurrency exchange Gemini is suing DCG, the parent company of bankrupt crypto broker Genesis. A new currency pegged to commodities, particularly gold, will be announced at the BRICS summit on August 22. Crypto Exchange Bitfinex has announced that it has recovered some of the stolen assets from the 2016 Bitcoin hack but stated that a considerable number of assets are still yet to be recovered. The Indian government has partnered with Polygon and Airchains in order to develop a blockchain-based land ownership system. McDermott Will & Emery, the law firm representing Voyager’s committee of unsecured creditors, has sent the group a staggering bill of over $5 million for the work it has done between March and May. Co-founders of bankrupt crypto hedge fund Three Arrows Capital plan to donate their future earnings from their new venture to creditors who lost money. Cryptocurrency exchange LBank has announced the launch of the first unlimited crypto credit card. Regulation Israel is considering a bill that would exempt foreign residents from capital gains tax on the sale of digital assets and reduce tax on crypto options from 50% to about 25%. Investigators from the United States Commodity Futures Trading Commission (CFTC) have concluded that Celsius and its former CEO, Alex Mashinsky broke several US laws. The UK parliament has passed a bill that could help the authorities seize and freeze cryptocurrencies used for crime. According to a recent report by the FATF, more than half of all UN member countries still need to implement the Travel Rule. South Africa’s financial regulator has ordered crypto exchanges in the country to apply for licenses before the end of the year to continue operating. In an attempt to combat fraud, Belarus is looking to put an end to peer-to-peer crypto exchanges. NFT Blur founder, Pacman, defends his NFT marketplace against accusations that the platform’s strategies crashed the NFT market as the floor price of the Bored Ape Yacht Club NFT collection has dropped to the lowest in the last 20 months. Members of the Azuki decentralized autonomous organization have initiated a Snapshot proposal to hold the project’s founder accountable over allegations of misconduct. Security The Poly Network has fallen victim to another exploit after hackers manipulated a smart contract function on the cross-chain bridge protocol. According to security analysts, hackers allegedly leveraged a vulnerability in the smart contract system to mint an unlimited amount of tokens. Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

This week, the floor price of the Bored Ape Yacht Club NFT collection dropped to its lowest price in nearly two years, leading to questions about the collection’s value. But floor price is just one metric used to value NFTs – experts explain that there are other important factors in assessing what an NFT is worth.

Last week, the floor price of popular NFT collection Bored Ape Yacht Club fell to a 20-month low. But determining the value of an individual NFT requires a more nuanced understanding of floor price, rarity traits and cultural significance.

Blur founder, Pacman, defends his NFT marketplace against accusations that the platform’s strategies crashed the NFT market. Are NFTs In Trouble Because Of Blur? NFT marketplace Blur faces a public backlash over the falling NFT prices as investors and traders point fingers at its incentivized trading model. The upstart marketplace surpassed OpenSea as the leading Ethereum NFT trading platform by volume in February but now faces scrutiny. As the NFT market faces turbulent times, questions about the long-term sustainability of incentivized trading models are being raised. Bored Ape Yacht Club prices hit a two-year low, and other notable projects have also seen sizable price declines. Traders and investors are reevaluating the underlying value of NFTs and whether the current market downturn is a natural correction or a symptom of larger systemic issues. Blur’s Controversial Stance On NFTs Blur's stance that NFTs are not unique assets but rather "altcoins with pictures," as controversially tweeted by crypto influencer Cobie last year, has reinforced this sentiment. Blur made its debut as a marketplace in October, positioning itself as the platform for professional NFT traders. The promise of a token airdrop enticed users to choose Blur over competitors like OpenSea. When the BLUR token was finally launched in February, Blur quickly overtook OpenSea, becoming the top marketplace in terms of trading volume. A Short-Lived Success For Blur Traders began rapidly flipping NFTs to earn rewards, treating assets like Bored Apes and Otherside land plots as if they were fungible tokens. The surge in trading volume on Blur propelled the market-wide tally above $2 billion in February. As a result, some firms, like data platform CryptoSlam, denounced it as "wash trading,” and the initial craze for the Blur marketplace died down pretty soon. In recent months, overall market trading has sharply declined, resulting in whale traders, who initially benefited from exploiting the rewards model, now suffering losses and withdrawing funds from Blur's NFT bidding pool. Founder Pacman Responds Blur founder Tieshun Roquerre, who is more popularly known as Pacman, responded to the allegations against Blur, saying, “We launched in October 22. Since then, some floor prices have gone up, some floor prices have gone down. One of the few times floor prices went up in concert was when we injected liquidity into nfts via our airdrop. One of the few times floor prices went down in concert was when $40m of liquidity was removed via the Azuki mint (not throwing stones, the market just moves based on liquidity more than anything else).” Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

Why has Yuga Labs’ Bored Ape universe collapsed in value?

The floor price of the Bored Ape Yacht Club NFT collection has dropped to the lowest in the last 20 months. BAYC Drops Below 30 ETH The forecast does not look good for NFTs, as the most popular collection ever, the Bored Ape Yacht Club (BAYC), has sunk to a 20-month low. According to a report from the data analytics platform, CoinGecko, the floor price of the NFT collection from the iconic Yuga Labs drastically fell to 27.4 ETH, which is around $53,000 on Sunday evening. NFT marketplace OpenSea claimed that the collection’s trading volume has dropped by a significant 38% in just 24 hours. It did recover from the bottom, however, slightly, settling around 29.5 ETH at the time of writing. 50% Decrease Since April The floor price is the lowest value a seller is willing to accept for an NFT and is a crucial indicator of the NFT’s demand and popularity. For the BAYC collection, the floor price has experienced a 50% decrease since April of this year. At the beginning of the month, it was being traded at 64 ETH, equivalent to approximately $126,000. However, across the month, pseudonymous collector Franklin sold 27 NFTs from his BAYC collection, which must have compounded the lack of interest further, dropping the floor price to a five-month low of 55.6 ETH, or about $110,000. Collectors Questioning BAYC Investment This is tough news for the collection, which has almost always seen high demand. In fact, the last time its floor price was below 30 ETH was back in October 2021. However, soon after, the NFT boom hit, and BAYC’s floor price skyrocketed to new all-time highs. The Bored Ape Yacht Club, a popular and highly sought-after NFT collection known for its unique pixelated ape characters, had garnered significant attention and fetched substantial prices in the past, its highest being 153.7 ETH (approximately $430,000) in April 2022. However, the recent drop in floor prices has caught many collectors off guard, leaving them questioning the future of the collection and the broader NFT market. Many Challenges For NFT Market Other than the overall bearish market, experts also believe that the initial frenzy and hype surrounding NFTs have subsided, leading to a decline in demand and, subsequently, lower prices. According to OpenSea, this could be a result of the long crypto winter that pulled down the price of Ethereum. As a result, this has affected the price of the NFT collections like BAYC, which are powered by Ethereum. Other collections affected by the crypto winter are MoonBirds, Azuki, Doodles, and others. Moreover, the BAYC collection itself has seen a surge in supply that has put additional pressure on the prices, leading to the significant drop witnessed recently. Additionally, the increased regulatory scrutiny toward NFTs and the broader cryptocurrency industry has introduced an element of uncertainty, causing some investors to pull back and leading to a decline in prices. Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

Bored Ape Yacht Club NFTs have tanked significantly in value this month.