Bored Ape Yacht Club NFTs at All-Time Low: What’s Happening to the Hottest Digital Property on Ethereum?

Once the hottest property on Ethereum's NFT market, Bored Ape Yacht Club (BAYC) NFTs are now overshadowed by Yuga Labs' signature collection and others.

Bored Apes and Yuga Ethereum NFTs See Value Drop Despite Market Rise – Latest Update

📷 Tim Hakki Last updated: March 12, 2024 13:28 EDT | 1 min read 🧐

Source: BAYC

Bored Ape Yacht Club (BAYC) NFTs were once the hottest bit of digital property on Ethereum’s NFT market, but now they seem to be sailing towards new lows. The current floor price for BAYC, which indicates the lowest one can purchase it for, is around 13 ETH, or $51,000. To put this into context, the last time it traded at this price was on August 18, 2021, when it was worth 13.65 ETH, according to data by CoinGecko.

That means today BAYC is a staggering 91.3% off its all-time high floor price of 153.7 ETH posted on May 1, 2022. 🤯

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Similarly, Yuga Labs’ spin-off collection Mutant Ape Yacht Club (MAYC) is currently also struggling, posting an all-time low floor price of 2.18 ETH. It seems like the apes are not having a smooth sailing experience after all.

Another BAYC-themed collection, Otherdeeds, is trading at an all-time low floor price of 0.19 ETH. These peculiar NFTs represent title deeds for sales of digital plots of land in the Bored Ape metaverse game Otherside.

When Otherdeeds launched in May 2022, it cost 305 ApeCoin to mint one. At the time, that was nearly $6,000. 🤑 However, today, considering Ethereum’s 50% rally since then, the floor price for Otherdeeds is a measly $746. Imagine buying a house in the digital world for less than $1,000! 🏠

Move Over Ethereum! Ordinals Are Racing Ahead

While Ethereum NFTs like Bored Ape Yacht Club managed to monopolize the whole market during crypto’s 2021 bull run, it seems like times are changing. We now have exciting alternative NFT markets on Solana and Cardano, but none of Ethereum’s NFT competitors outshine its oldest rival: Bitcoin.

The Ordinals protocol has brought a new wave of excitement, allowing data to be inscribed on individual satoshis. Think of satoshis like cents to a dollar, but in the world of Bitcoin. This game-changing feature gives the network some added functionality, allowing users to mint non-fungible and fungible tokens on Bitcoin and build dApps.

In early March 2024, Ordinals NFTs made headlines by generating $168.5 million in sales over a period of seven days, surpassing Ethereum NFTs, which posted $162 million over the same period. It seems like Bitcoin is proving once again that it’s not ready to let Ethereum steal the limelight.

Miners may also need to rely on Ordinals to cover a potential shortfall after Bitcoin’s halving on April 19, where their block rewards get cut in half. Bitcoin rewards will continue to halve every four years, so miners will need to generate revenue from Ordinals transaction fees. Currently, Ordinals activity accounts for about 20% of miners’ revenue. That’s some serious crypto diversification!

Q&A: What You Need to Know About BAYC NFTs and the Rise of Ordinals

Q: Why are Bored Ape Yacht Club NFTs experiencing such a significant drop in value?

The drop in value of Bored Ape Yacht Club (BAYC) NFTs can be attributed to various factors. One possible reason is market saturation and decreased demand. When a particular collection becomes popular, it attracts many buyers, leading to a surge in prices. However, as more and more people acquire these NFTs, the scarcity diminishes, resulting in a decline in value. Additionally, the overall sentiment in the NFT market and external factors such as changes in cryptocurrency prices can also impact the value of BAYC NFTs.

Q: What are the implications of Ordinals’ success for the future of NFTs?

The success of Ordinals protocol demonstrates the potential for NFTs on Bitcoin to compete with Ethereum’s dominance in the market. As Bitcoin continues to establish itself as a versatile blockchain with the ability to support NFTs and decentralized applications (dApps), we can expect more innovation and development in this space. This could lead to increased adoption of NFTs on Bitcoin and potentially reshape the dynamics of the NFT market.

Q: How can miners benefit from the Ordinals protocol?

With Bitcoin’s halving reducing block rewards, miners are looking for alternative revenue streams. The Ordinals protocol provides an opportunity for miners to generate income through transaction fees associated with the minting and trading of NFTs on the Bitcoin network. By diversifying their revenue sources and embracing the growing NFT market, miners can adapt to changes in the Bitcoin ecosystem and ensure their continued profitability.

Looking Ahead: What Lies Beyond BAYC and Ordinals?

The NFT market is constantly evolving, and new trends and innovations are emerging. While Bored Ape Yacht Club NFTs may currently be experiencing a downturn, it’s important to remember that the market is dynamic, and prices can fluctuate. As the digital art world continues to evolve and new projects gain momentum, we may see renewed interest in BAYC and other collections.

Furthermore, the success of the Ordinals protocol highlights the potential for NFTs on Bitcoin. As more developers explore the possibilities of Bitcoin’s underlying technology, we can expect a wave of new projects and applications in the NFT space. This diversification of the NFT market across multiple blockchains will offer users more options and foster healthy competition, ultimately benefiting the entire industry.

In conclusion, keep an eye on the promising developments in the NFT landscape, whether it’s the turnaround of Bored Ape Yacht Club or the rise of NFTs on Bitcoin. The world of digital assets is full of surprises and opportunities, and who knows what awaits us around the corner.

References: 1. Dungeons, Bitcoin, Billions: Navigating the Ethical Labyrinth 2. Follow Us on Google News

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