The most visible result has been a 50% decline in BAYC’s floor price since the beginning of this month. The lowest price for any Bored Ape NFT as of May 1 was $420K.
As of Wednesday, May 18, however, the minimum price to acquire a Bored Ape NFT is $198K, indicating that BAYC’s floor price has decreased by more than 50%. In addition to the poor market conditions, this week’s sales volume for BAYC were down 117% from last week’s figures.
BAYC’s floor price has dropped slightly more over 31% when measured in Ether (ETH). According to the most recent Coingecko data, the BAYC floor price is currently 95.99 ETH. ApeCoin, BAYC’s native token, fell in value alongside the BAYC floor price. APE’s price has dropped by roughly 70% after the debut of the Otherside metaverse project.
Tom Brady’s Web3 Company Introduces an Indy-Themed NFT Collection
The Indy500 NFT collection will be launched by Tom Brady’s web3 firm, Autograph, in partnership with IndyCar and Team Penske. According to the Autograph, the release of this NFT collection will commemorate the 106th edition of the Indianapolis 500, which is slated for later this month.
The race is one of the biggest in the United States, and Indycar (the Indianapolis Motor Speedway) is a major sponsor. According to the announcement, this NFT collection will have three components.
The first is an extremely rare reproduction of the 1972 Indy 500 winning automobile race. There would next be 33 special mystery driver cards, followed by the Indianapolis 500 race day commemorative ticket.
Free race day tickets will be given to everybody who has purchased a seat at the event. They will also be eligible for entry to exclusive race events throughout the weekend.
Yuga Labs Acquires Cryptopunks NFT Collection
This comes after Cryptopunks dumped the intellectual property of their V1 NFT collection. Yuga Labs has purchased it. However, Yuga Labs has already included the V1 collection to its catalog. ‘
Larva Labs’ V1 collection was one of the earliest Cryptopunks collections created five years ago. Larva Labs destroyed the collections after realizing that the code used to create them was flawed. Larva Labs has subsequently replaced these with V2 models.
Late last year, the Cryptopunks ecosystem came up with the idea of reusing the old V1 versions and selling them on OpenSea as new NFTs. The Cryptopunk team, on the other hand, was displeased with the idea and reminded its Twitter followers that the scrapped V1 versions were not “authentic Cryptopunks.”
PSA: "V1 Punks" are not official Cryptopunks. We don't like them, and we've got 1,000 of them… so draw your own conclusions. Any proceeds will be used to purchase real Cryptopunks!
— CryptoPunks (@cryptopunksnfts) January 25, 2022
After receiving a DMCA takedown request from larva labs, OpenSea withdrew the NFTs from their marketplace. However, Yuga Labs obtained the rights to the rejected V1 collection and has since relisted these NFTs on OpenSea.
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