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Bored Ape Yacht Club is a non-fungible token series launched by digital asset company Yuga Labs, which has partially restored its initial market glory. Bored Ape NFT series gave up its initial NFT market fame to other blue-chip NFT series, such as Pudgy Penguins.
Bored Apes Reclaim Their Initial Attraction
On-chain data aggregator CryptoLam.io compiled data shows that the Bored Ape Yacht Club NFT series has risen in rank, reflecting its initial glory in the NFT market. In the past 24 hours, the Bored Ape NFT collection has recorded $2.3 million in trading volume.
Bored Ape Yacht Club was launched in April 2021 and is a famous non-fungible token series incubated by digital asset Yuga Labs, featuring only 10,000 limited NFT series hosted on the Ethereum blockchain network. Bored Ape Yacht is a sister of other famous NFT series such as Mutant Ape Yacht Club and Bored Ape Kennel Club.
Bored Ape Yacht Club and Mutant Ape Yacht Club grant their holders access to private online clubs, exclusive live events, and image intellectual property rights. Since its establishment, Bored Ape Yacht’s appeal has been increasing, and its market value once exceeded the $1 billion mark.
Bored Ape NFT Market Health
Last year, during the historic NFT market downturn, Bored Ape Yacht Club lost its initial market glory, causing many NFT collectibles to lose more than 70% of their floor price. In September, analytics firm DappGambl.com revealed that 95% of NFTs were worthless.
Despite the overall NFT market retesting some hype at the end of last year, the Bored Ape Yacht Club NFT series failed to regain its initial market glory, allowing Pudgy Penguins to rise and become the leader of the NFT market. Pudgy Penguins is an NFT series that issues 8,888 limited NFTs.
In recent days, the creators of Bored Ape Yacht Club, Yuga Labs, have begun to take market measures aimed at transforming their cryptocurrency community. Last week, Yuga Labs announced the acquisition of Proof Collection and its assets. This acquisition made Proof Collective, Moonbirds, Oddities, and Mythics NFT series part of Yuga Labs’ fast-growing portfolio.
Sentiment: Positive
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