Prices across the non-fungible tokens (NFT) market have struggled amid the broader market downturn, with the Bored Ape Yacht Club (BAYC) set bottom price dropping more than 50% since the beginning of this month.
BAYC’s ground floor price fell to $198,000 on Wednesday, indicating a 52% drop in the dollar valuation from May 1, where the cheapest Bored Ape available costs $420,000. Dull market conditions also affected BAYC’s overall sales volume, with sales volume down 117% on a weekly basis.
Looking at the BAYC floor price measured in Ether (ETH), the NFT pool is only down more than 30%, with the current floor price at 97.39 ETH.
BAYC’s partner cryptocurrency ApeCoin (APE) has also suffered a significant price drop, with the token dropping nearly 70% since the launch of the Yuga Lab project on Otherside.
Start your engines
Autograph, the Web3 company co-founded by Tom Brady, has partnered with IndyCar, Indianapolis Motor Speedway and Team Penske to launch Indy’s 500-themed NFT range.
The NFT collection, announced Thursday, is designed to honor the 106th Indianapolis 500 Race – one of the largest motor racing events in the United States – and will take place on May 29.
The NFT suite comes in three main parts, offering users a redeemable Indianapolis 500 Race Day commemorative ticket, 33 more exclusive mystery driver cards and a single commemorative reinvention of the winning car from the 1972 Indy 500 race.
Race Day Ticket NFTs will be available for free to everyone who purchases a seat at the event and will provide users with access to exclusive content throughout the weekend of the race.
CryptoPunks “V1” in green light
The previously overlooked CryptoPunks pool, known as the V1 suite, is back in OpenSea following the recent move by Yuga Labs to purchase the intellectual property of the CryptoPunks pool from Larva Labs.
The first set of CryptoPunks was created by Larva Labs in 2017 accidentally on a flawed code, so it was quickly taken down and replaced with the now popular V2 versions.
However, at the end of last year, the CryptoPunks community created a “bunker” program that salvaged deprecated V1 versions and turned them into new NFTs, which led to some huge rejections.
The official CryptoPunk team wasn’t thrilled with the idea of a “encapsulated” V1 kit, reporting to their 224,000 followers that “they are not officially CryptoPunks.”
Larva Labs then issued a DMCA takedown notice to OpenSea and the NFTs have been removed. However, the purchase by Yuga Labs meant Larva Labs could no longer sustain its dispute, which resulted in the claim expiring and V1 Punks returning to OpenSea.
A ‘highly uneven’ ratio of solitary monkeys
Lonely Ape Yacht Club, an app designed to allow users to link their crypto wallets and filter potential matches by net worth of NFTs, failed to launch due to the hugely unequal percentage of men and women who signed up for the waitlist.
According to the Lonely Ape Yacht Club website, the app is designed to be the first dating app focused on NFTs, starting with BAYC NFTs.
The site added that the app will allow Lonely Ape members to “catch the attention of potential matches by sending them crypto tips,” as well as display metrics such as “how long diamonds have delivered NFTs and personal net worth and value from their overall portfolio in NFT.”