Crypto

What happened to the Bored Apes?

What happened to the Apes_

Most NFT connoisseurs know about the Bored Ape Yacht Club (BAYC) collection. After making headlines in many mainstream magazines like the Rolling Stones, celebrities like Eminem purchasing Bored Apes for hundreds of thousands of dollars, and even entire restaurant concepts centered around the Bored Ape theme, the Bored Ape collection seems like it is only getting started. 

However, recent articles show the Bored Ape collection losing steam, from the BAYC collection price sinking 60% in May to reports of fraud incidents, robbing the owners of an estimated $3 million worth of NFTs. The BAYC’s status as one of the most sought-after NFT collections seems to be dying off, and the only question on everyone’s mind is what happened to the Apes, and where are they now?

This article will try to cover a brief intro of the BAYC collection, what caused its rise, the reason for the recent FUD, and finally what could be next for the BAYC collection.

Another pricey NFT collection? Cryptopunks. Find out why they are so expensive. 

Bored Apes: the original high-roller NFT collection

The origins of the BAYC collection – and movement – are pretty humble. A small group of four friends, armed with the power of degenerates and fun memes, set out to create, according to them, the coolest NFT collection of all time.

Through a solid Discord server and a great Twitter, the Bored Apes managed to sell out of the entire collection in under 12 hours. Since then, Bored Apes has continued developing its own world, multiplying partnerships with both real-life and virtual companies.

For some, the Bored Apes collection is the first high-roller exclusive NFT collection. The BAYC collection may have had a certain price dump recently, but its value is one of the highest for NFT collections. Currently, the cheapest BAYC NFT on Opensea is listed for 94 ETH – roughly $170,000 based on the price of $ETH today. The BAYC collection remains one of the most expensive NFT collections globally, even after all of the FUD that it has been collecting over the past couple of weeks.

A crypto-wide market crash

In early May, an algorithmic stablecoin, UST, got debugged and caused the meltdown of the Terra ($LUNA) ecosystem. This wiped out $40 billion from the entire crypto market and triggered a market-wide crypto selloff. 

BTC lost around 20% of its value, and many altcoins bled more. For the most part, no cryptocurrency was spared from this sudden crypto crash. Many NFT collections started selling off and losing their value quickly. The BAYC collection was no different. Therefore, yes, the Bored Ape collection did go down in price, but so did the entire crypto industry.

Keep Reading: NFTs –Four Years On and Two Cents on the Space

A focus Otherside – The new  Bored Ape Metaverse 

 

bores apes Metaverse

Yuga Labs developing a Metaverse for the Bored Apes. Via [NFT news pro].

After the creators of the BAYC collection, Yugalabs raised $450M at a $4B valuation. They announced the development of their very own Bored Apes-themed Metaverse, the Otherside metaverse. After a somewhat rocky launch, the NFT land in the Metaverse, the Otherdeed NFT collection, completely sold out in a few hours. This Otherside Metaverse will be governed by a DAO, the Apecoin (APE).

The Otherside land launch was not well-received by the public, mainly due to the high gas fees required to mint the Otherside land. However, the fact that the NFT land sale sold out on that same day might show that there is interest around the Otherside land. 

Even if the Otherside Metaverse is still in development and has not been released yet, some people have supported the Otherside Metaverse project. The APE token fell from a high of $25 to around $6 today. Still, the APE token is still valued at over $1.8 billion. It may just have been overvalued in the past. 

The fact that the Bored Apes founders are spending time developing Otherside might indicate that less time is being spent into the collection itself. This could be another reason why the BAYC collection seems to have been losing steam recently.

The Bottom Line

The BAYC collection is not gathering as much attention as it used to. That being said, the founders of the Bored Apes, Yuga Labs, are working to create new projects and homes for their BAYC Metaverse. 

The Bored Apes Yacht Club collection might not have performed a rug pull so far, and its founders seem dedicated to making the project grow. Overall, the true success of BAYC could depend on the quality of its Metaverse, the Otherside metaverse. 

Time will tell if BAYC can keep its status as one of the most sought-after NFT collections. Overall, its value is one of the highest for NFT collections, and owners should be careful about who can gain access to their wallets. Although we don’t know if Yuga labs is simply raising as much money as possible while failing to meet expectations, this temporary lull with Bored Apes could be revived once we know more details about the Otherside Metaverse launch.

What do you think will happen to the BAYC collection?

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