📰 Table Of Contents
Bored Ape Yacht Club (BAYC) NFTs and Affiliated Collections
Bored Ape Yacht Club (BAYC) NFTs, once a hot commodity in Ethereum’s NFT market, are now experiencing a decline along with Yuga Labs’s signature collection and other affiliated NFTs.
Current Floor Prices
- BAYC: Approximately 13 ETH, equivalent to $51,000, marking a significant decrease from its previous low of 13.65 ETH on August 18, 2021.
- Mutant Ape Yacht Club (MAYC): All-time low floor price of 2.18 ETH.
- Otherdeeds: Trading at an all-time low floor price of 0.19 ETH, representing title deeds for digital land sales in the Bored Ape metaverse game Otherside.
Comparatively, BAYC is currently 91.3% below its all-time high floor price of 153.7 ETH set on May 1, 2022.
Otherdeeds Collection
Upon its launch in May 2022, minting one Otherdeed cost 305 ApeCoin, nearly $6,000 at the time. Despite Ethereum’s 50% rally since then, the current floor price of Otherdeeds stands at just $746.
Emerging NFT Markets and Ordinals Protocol
Ethereum’s dominance in the NFT market during the 2021 bull run is now facing competition from alternative markets on Solana and Cardano. However, Bitcoin remains a formidable rival.
Ordinals Protocol
The Ordinals protocol enables data inscription on individual satoshis, the smallest units of Bitcoin. This functionality enhances the network’s capabilities, allowing users to mint non-fungible and fungible tokens on Bitcoin and develop decentralized applications (dapps).
Recent Performance
In early March 2024, Ordinals NFTs generated $168.5 million in sales over seven days, surpassing Ethereum NFTs’ $162 million during the same period.
Future Implications
Post Bitcoin’s halving on April 19, miners may increasingly rely on Ordinals to compensate for reduced block rewards. With Bitcoin rewards halving every four years, Ordinals transaction fees are becoming a significant revenue source, currently contributing about 20% to miners’ earnings.
Ian is a cryptocurrency enthusiast blending humor with professionalism. With an engineering background and a storyteller's heart, he simplifies the blockchain world with sharp analysis and a touch of wit. At Cryptowire, he brings his unique perspective to make digital financial innovation accessible to all.
