You can check the website statistics yourself or request them from us at [email protected]
On this platform, only organic high-quality traffic
Bitcoin
$ 30,725

Bored Apes and Yuga Ethereum NFTs Experience Value Decline Despite Market Surge – Here’s the Latest

Once the darlings of Ethereum’s NFT market, Bored Ape Yacht Club (BAYC) NFTs are now witnessing a downturn, with Yuga Labs’ flagship collection and affiliated NFTs hitting new lows.

The current bottom price for BAYC stands at approximately 13 ETH or $51,000. This mirrors figures from August 18, 2021, when it traded at 13.65 ETH, as per CoinGecko data.

This translates to a staggering 91.3% drop from its peak floor price of 153.7 ETH on May 1, 2022.

Similarly, Yuga Labs’ offshoot collection, Mutant Ape Yacht Club (MAYC), is currently marking an all-time low floor price of 2.18 ETH.

Another BAYC-themed assortment, Otherdeeds, is hitting rock bottom at 0.19 ETH. These Otherdeeds signify title deeds for the sale of digital parcels of land in the Bored Ape metaverse game, Otherside.

Upon its launch in May 2022, minting one Otherdeed cost 305 ApeCoin, equivalent to nearly $6,000 at the time. Despite Ethereum’s subsequent 50% surge, the current floor price for Otherdeeds amounts to just $746.

Move Over Ethereum! Ordinals Are Racing Ahead

During the 2021 crypto bull run, Ethereum NFTs such as Bored Ape Yacht Club dominated the market as Ethereum was the primary platform for virtually all digital assets.

However, while exciting alternative NFT markets have emerged on platforms like Solana and Cardano, none have managed to overshadow Ethereum’s oldest competitor: Bitcoin.

The Ordinals protocol introduces a unique feature by allowing data to be engraved on individual satoshis, the smallest units of Bitcoin, akin to cents to a dollar. This functionality enhances the network’s capabilities, enabling users to mint both non-fungible and fungible tokens on Bitcoin and develop decentralized applications (dapps).

In early March 2024, Ordinals NFTs recorded $168.5 million in sales over seven days, surpassing Ethereum NFTs, which totaled $162 million during the same period.

Following Bitcoin’s halving on April 19, where block rewards are halved, miners may find themselves needing to rely on Ordinals to compensate for potential revenue shortfalls. With Bitcoin rewards halving every four years, miners will increasingly depend on Ordinals transaction fees for revenue, which currently constitute about 20% of miners’ income.

Related Posts

Leave a Reply

Confirm now and stay with our news

What we write about

I want to save money. Will cryptocurrency work?

Cryptocurrency is essentially virtual money that operates in a decentralized manner, not through a bank but directly on multiple independent computers.

Every cryptocurrency has two main components: the units of digital exchange called “coins” and the network within which the exchange takes place. These units can be transferred between wallets and exchanged on exchanges. The networks in which these coins exist are called blockchains, which translates to “chains of blocks.”

Latest Articles

Indonesian President Cautions Against Crypto in Money Laundering Risks
24.04.2024By
Coinbase Set to Launch $15 million Ad Campaign During NBA Playoffs: Report
24.04.2024By
Pharrell Williams And Louis Vuitton Launch NFT-Linked Jacket To VIA Holders
24.04.2024By

Latest news

Indonesian President Cautions Against Crypto in Money Laundering Risks
24.04.2024
Coinbase Set to Launch $15 million Ad Campaign During NBA Playoffs: Report
24.04.2024
Pharrell Williams And Louis Vuitton Launch NFT-Linked Jacket To VIA Holders
24.04.2024
SEC Delays Decision on Franklin Templeton’s Spot Ethereum ETF Application
24.04.2024
Hackers Expose Code Of El Salvador’s Bitcoin Wallet App Chivo
24.04.2024
Jack Dorsey’s Block Expands Bitcoin Mining Ambitions, Develops 3nm Mining Chip
24.04.2024
South Africa’s FSCA Confirms Licenses to 75 Crypto Service Providers
23.04.2024
Binance Lawsuit in Canada Following Securities Law Violation Allegations
23.04.2024
Velvet Capital, Backed by Binance Labs, Temporarily Offline Due to Phishing Attack Risk
23.04.2024
Square Enix Is Developing Its Ethereum NFT Game Symbiogenesis With Animoca Brands
23.04.2024