Market-wide prices for non-fungible tokens (NFTs) have suffered amid the overall market decline, with the Bored Ape Yacht Club (BAYC) collection floor price down more than 50% since the beginning of this month.
The BAYC price floor dropped to $198,000 on Wednesday, marking a 52% drop in dollar valuation since May 1, when the cheapest Bored Ape was $420,000. Poor market conditions also affected BAYC’s total sales numbers, with sales volume down 117% week over week.
Ape #6775 was purchased for 225.0 ETH
https://t.co/4AkVT71PrF— boredapebot (@boredapebot) May 18, 2022
Looking at the BAYC price floor measured in Ether (ETH), the NFT collection has only dropped a little over 30%, with the current price floor sitting at 97.39 ETH.
The price of BAYC collection cryptocurrency ApeCoin (APE) has also seen a significant drop, as the token is down roughly 70% since the launch of Yuga Lab’s Otherside metaverse project.
start your engines
Autograph, a Web 3.0-focused company co-founded by Tom Brady, has partnered with IndyCar, Indianapolis Motor Speedway, and Team Penske to release an Indy 500-themed collection of NFTs.
2022 #Indy500 NFT collection announced, as @Autograph collaborates with @IndyCar, @IMS and @Team_Penske https://t.co/G2OnfvZ1er
— Motorsport.com (@Motorsport) May 18, 2022
The NFT collection, announced on Thursday, has been designed to pay tribute to the 106th edition of the Indianapolis 500, one of the biggest car races in the United States, which will take place on May 29.
The collection consists of three main parts, offering users a redeemable commemorative Indianapolis 500 race day ticket, 33 other exclusive Mystery Driver cards, and a unique commemorative recreation of the 500 race-winning car. miles from Indianapolis 1972.
Race day NFTs will be available free of charge to anyone who has purchased a ticket to the event and will offer users access to exclusive content throughout race weekend.
Green light to the CryptoPunks “V1”
A previously discarded CryptoPunks collection, known as the “V1” collection, has returned to OpenSea following Yuga Labs’ recent move to purchase the CryptoPunks collection intellectual property from Larva Labs.
The first collection of CryptoPunks made by Larva Labs in 2017 was accidentally built on top of buggy code, so they were quickly scrapped and replaced with the now iconic V2 versions.
However, late last year, the CryptoPunks community created a “wrapper” program that salvaged discarded V1s and turned them into new NFTs, which generated a lot of pushback.
The official CryptoPunk team did not like the idea of the “wrapped” V1 collection, informing their 224,000 followers that they “are not official 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
Larva Labs then issued a DMCA takedown notice to OpenSea and had the NFTs removed. However, the purchase by Yuga Labs meant that Larva Labs could no longer maintain their dispute, leading to the lawsuit lapsing and the V1 Punks reverting to OpenSea.
A “hugely unequal” ratio of single apes
The Lonely Ape Yacht Club, an app designed to allow users to connect their cryptocurrency wallets and filter potential matches based on the net worth of their NFTs, has failed to launch due to the grossly unequal ratio of men and women who signed up. on the waiting list.
Unfortunately due to a vastly uneven ratio of men to women who signed up for our waitlist, we have decided to put the BAYC dating app on hold indefinitely.
Too many bros!We sincerely appreciate your interest and support.https://t.co/PozZOCph0y
— y4k (@y4kxyz) May 12, 2022
According to the Lonely Ape Yacht Club website, the app was designed to be the first NFT-focused dating app, kicking things off with BAYC’s NFTs.
The website added that the app would allow Lonely Ape members to “get the attention of potential partners by sending them cryptocurrency tips,” as well as display metrics such as “how long you’ve refused to sell your NFTs, personal net worth, and value.” of your overall NFT portfolio.
The app was also going to include a feature called Coin Digger, which would allow non-BAYC owners to “connect with high net worth individuals for mutual benefit.”
Other Nifty News:
Social media giant Meta, formerly Facebook, is rumored to be planning the launch of a payment platform that will offer support for cryptocurrencies, hinting at a continued push in the world of Blockchain technology.
44 central bankers from developing countries around the world are attending a three-day conference in El Salvador this week to discuss a wide range of financial issues, including: Bitcoin (BTC).
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