Bored Ape floor price plummets amid game launch and NFT crash.
In a turbulent weekend for the non-fungible token (NFT) market, the floor prices of Yuga Labs’ renowned Bored Ape Yacht Club and Mutant Ape Yacht Club collections experienced a substantial plummet, mirroring the ongoing crash in NFT prices.
According to data from OpenSea, the floor price for Bored Ape Yacht Club dropped from 38 ether ($73,000) on Friday to less than 28 ether ($53,500) on Sunday. However, there was a partial recovery as the price rebounded to 30 ether ($57,000). Similarly, Mutant Ape Yacht Club witnessed a decline from 7.5 ether ($14,500) to less than 5 ether ($9,400) before stabilizing at 5.4 ether ($10,300).
Adding to the uncertainty, BendDAO, a protocol facilitating loans against NFTs, currently has 27 Bored Apes and 25 Mutant Apes up for auction. This influx of supply likely contributed to the downward pressure on prices.
Compounding the price decline, Yuga Labs launched a new project named HV-MTL shortly before the Bored Ape crash. HV-MTL aims to succeed the popular Dookey Dash game, where players had the opportunity to burn their Sewer Pass to obtain an Evo 1 Mech, granting access to a new game centered around crafting a “Forge.” The outcome of the Forge creation will be determined by votes from other players.
As the NFT market faced a broader downturn, the launch of HV-MTL did not manage to sustain the value of Bored Ape NFTs. With market sentiment souring and concerns mounting, investors appeared to sell off their Bored Ape assets, resulting in the significant price drop.
NFT enthusiasts and collectors closely monitored the situation as Bored Ape Yacht Club and Mutant Ape Yacht Club, known for their unique and rare digital art collectibles, experienced a decline in demand. The Bored Ape community had previously garnered attention for its high-profile membership, with celebrities and prominent figures joining the exclusive club.
The recent crash in NFT prices has raised questions about the sustainability and long-term value of these digital assets. Some analysts suggest that the market had become overheated, leading to a correction that affected even the most sought-after NFT collections.
Nevertheless, despite the downward trend, the recovery in prices of Bored Ape Yacht Club and Mutant Ape Yacht Club suggests a level of resilience within the NFT market. Investors and collectors remain optimistic, hoping for a market rebound and potential future value appreciation.
As the NFT space continues to evolve, projects like HV-MTL demonstrate the ongoing innovation and experimentation occurring within the industry. The launch of new games and initiatives aims to engage users and add utility to NFTs, potentially enhancing their long-term value.
Overall, the recent price decline in Bored Ape NFTs underscores the volatility of the NFT market and the importance of closely monitoring market trends. The future trajectory of NFT prices remains uncertain, with many awaiting further developments and hoping for renewed interest in this evolving digital asset class.