NFTs
Bored Apes and Yuga Ethereum NFTs Experience Decline in Value Despite Market Surge – Here’s the Latest
Last updated: March 12, 2024 1:28 pm EDT | 1 minute reading
Bored Ape Yacht Club (BAYC) NFTs were once the most popular digital property on the Ethereum NFT market, but now Yuga Labs Signature Collection and other affiliated NFTs are recording new lows.
The current minimum price of BAYC, which indicates the lowest price you can buy it for, is around 13 ETH, or $51,000. The last time it reached this low was on August 18, 2021, when it traded for 13.65 ETH, according to data by CoinGecko.
This means that today BAYC is a whopping 91.3% off its all-time low price of 153.7 ETH posted on May 1, 2022.
Likewise, Yuga Labs’ spin-off collection Mutant Ape Yacht Club (MAYC) is currently posting an all-time low price of 2.18 ETH.
Another BAYC-themed collection, Otherdeeds, is trading at an all-time low price of 0.19 ETH. Otherdeeds represent property deeds for digital land sales in the Bored Ape Otherside metaverse game.
When Otherdeeds launched in May 2022, it cost 305 ApeCoin to mint one. At the time, that was almost $6,000. It’s true that Ethereum has risen 50% since then, but even considering that, Otherdeed’s today’s low price is equal to just $746.
Move to Ethereum! Ordinals are advancing
Ethereum NFTs like Bored Ape Yacht Club managed to monopolize the entire market during the 2021 crypto bull run. That’s because virtually everything was on Ethereum.
We now have interesting alternative NFT marketplaces on Solana and Cardano, but none of Ethereum’s NFT competitors surpass its oldest rival: Bitcoin.
The Ordinals protocol allows data to be written to individual satoshis. Satoshis are the lowest units of Bitcoin, like cents per dollar. This feature gives the network some additional functionality and allows users of the network the ease of minting Bitcoin non-fungible and fungible tokens and building dapps.
In early March 2024, Ordinals NFTs were published US$168.5 million in sales over a seven-day period. They beat Ethereum NFTs, which registered $162 million in the same period.
Miners may also need to rely on Ordinals to cover a potential shortfall following the Bitcoin halving on April 19, when their block rewards will be cut in half.
Bitcoin rewards will continue to halve every four years, so miners will need to generate revenue from Ordinal transaction fees. Ordinal activity currently represents about 20% miners’ income.