In the crypto space, some pumps and dumps often defy expectations.
Several such dumps are those of Yuga Labs NFT Collections, which have sunk to all-time lows despite the recent bullish momentum in crypto prices.
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For BAYC holders, it might have brought a semblance of relief if the downward spiral veered off course to pester other collections instead. But what is a bearish momentum? it is a momentum that neither knocks your door nor finds you ready, it only comes to ruin the party. This time it appears to have an exclusive subscription to Yuga Labs creations.
When we look at a collection like CryptoPunks, which Yuga Labs purchased in 2022 _ the graph is green and going places. As per Coingecko, CryptoPunks has even doubled in value between December and March.
Mutant Ape Yacht Club (MAYC), one of the collections by Yuga Labs that debuted for 3 ETH currently trades at an all-time -low of 2.4 ETH.
Evaluating Yuga Labs’ Collection Performance
Another Yuga Labs collection shedding more value than a transistor radio in the age of Spotify is OtherDeed NFTs. This collection has been on a steady fall since December and is trading near the all-time floor price of 0.21 ETH.
Bored Ape Yacht Club, a very promising project and one of Yuga Labs premium collections has also recorded a massive decline in the last few months. The cheapest BAYC NFT would sell for as much as 152 ETH but the prices have since declined to a floor price of 15.29 ETH. As per the chart below, an NFT from this collection traded for 15.29 ETH a few months after BAYC’s debut in 2021.
Last year when the crypto market was deep in a bear cycle, a cheap BAYC NFT would have gone for 72 ETH, which is approximately $108,000 assuming ETH is at its worst price. Today, that amount can buy you several NFTs from the BAYC collection at the current floor price of 15.29 ETH.
If like us you got puzzled as to what could have caused the plummet of these NFTs regardless of Ethereum doubling in value over the last year, you are in the right place. It means you are a true Hodler who cares about securing the bag instead of chasing it blindly.
If you filled your bag with Otherdeed in May 2022 on the day of its launch, you would have paid $5,800 worth of Ethereum. Fast foward to 2024 and with a spectacular rise in Ethereum’s price, Otherdeed is trading at its floor price which is equivalent to $929.
Let’s be honest, a devaluing hodl bag is not a secured bag.
CryptoPunks could be on their upward trajectory, thanks to the collection’s status symbol of weathering multiple bear cycles. Yes, Bitcoin Ordinals could be soaking up the industry’s attention but should BAYC NFTs be shedding value at the rate of a rodent crawling back to its hole?
More Info:
- Yuga Labs’ Acquisition of PROOF Raises Eyebrows
- NFTs Aren’t Dead: A Look at the Future of Digital Collectibles
- OpenSea Review 2023 – Full Overview of OpenSea NFT Marketplace
- Blur NFT 2023 – Full overview of Blur NFT Marketplace
As crypto winter weathers away, we can only hope for Yuga Lab’s Ape-themed metaverse collections to continue attracting holders as we step into the next bull cycle.
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