Bored Ape NFT Ecosystem Rises; Platforms Beheld Sinking Trades

• A majority of Yuga securities saw rising trade volume this month.
• The NFT market was down by almost 30% in the past 24 hours.

Non-fungible tokens have plunged alongside the crypto market last year. However, a recent incident suggests that the market is still offering fruitful results to investors. NFTs gained a lot of attention in 2021, gaining around 21000% during the year. But some experts believe that it was a bubble that burst and people might never see anything like that in the industry again.

Otherdeeds Remain The Top Gainer This Month

According to Bloomberg, a couple of Barclays Plc employees traded with Bored Ape Yacht Club (BAYC) NFTs to register around 700% profit. Data from OpenSea, the biggest NFT marketplace, shows that they sold 72 Bored Apes for 78 ETH last week. Currently, the collection has a floor price of 69.25 ETH at the time of publication.

BAYC by far is the most renowned name in the NFT arena. Its popularity has reached the mainstream entertainment market considering it has caught the eyes of popular industry names like Jimmy Fallon, Eminem, Snoop Dogg and more. Though a majority of them are facing a class action lawsuit where defendants claimed that these celebrities helped Yuga Labs, the company behind the collection, to manipulate the price of their digital assets.

Yuga Labs are working on their forthcoming metaverse game, Otherside. Their recent blog suggests that the company might be releasing a ‘second trip’ demo this year. Meanwhile, the users may see the official launch soon after the event. Otherdeed, the native NFT land plots of Otherside, holds a floor value at 1.7 at the time of writing.

According to DappRadar, a data aggregator, the Bored Ape ecosystem has flourished this month. Mutant Ape Yacht Club (MAYC) gained 85.33% in volume during the period, while Otherdeeds rose by 268.33%. However, Bored Ape Kennel Club (BAKC) fell by 16.54% in a month. A token native to their recently released game, Dookey Dash, plunged by 14.94%.

Competition among NFT marketplaces has been heating up for the past few days. Blur, a recently released NFT platform caught everyone’s attention.  Dune Analytics, another data aggregator, shows that the newcomer seized a whopping 82% market share on Ethereum recently.

Nevertheless, LooksRare, an NFT platform, also emerged out of nowhere to rival OpenSea, but failed. Latest data shows that Blur has lost 45.86% sales volume in the past 24 hours. Meanwhile, OpenSea has lost over 50% during this timeframe. CoinMarketCap data shows the market has plummeted by over 28% in the past 24 hours.

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

Anurag is working as a fundamental writer for The Coin Republic since 2021. He likes to exercise his curious muscles and research deep into a topic. Though he covers various aspects of the crypto industry, he is quite passionate about the Web3, NFTs, Gaming, and Metaverse, and envisions them as the future of the (digital) economy. A reader & writer at heart, he calls himself an “average guitar player” and a fun footballer.