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- 1 BAYC is the most popular NFT collection in the industry.
- 2 The collection’s creators are currently involved in a class action lawsuit.
Why Bored Ape Yacht Club (BAYC) is the most adorned NFT collection, people ask. According to OpenSea, the biggest NFT marketplace, the collection has an all-time-high in terms of volume, of over 1 Million ETH. The community is eagerly waiting for the Otherside metaverse, which the BAYC creators said will launch at some point this year. Meanwhile, Mutant Ape Yacht Club (MAYC) remains on the top with a trading volume of $23.16 Million at publication time.
Positive Signs Appear on the Network
Recently, the CEO purchased an Ape for 50 Ethereum (ETH) from NFT marketplace Blur. The purchase was likely a display of how much faith he holds in the project. BAYC has attracted a lot of popular names including Eminem, Neymar Jr, Jimmy Fallon and more. The Yuga Labs native collection recently gave over 1,000% growth within a week according to DappRadar, a data aggregator
OpenSea activity shows several NFTs were sold on an average price of 45 wrapped Ethereum (wETH). The collection saw the highest weekly volume on Sunday, May 28th with 2,619 ETH. However, Bored Apes have lost over 60% in its floor price since its all time high.
According to Galaxy, a blockchain data aggregator, CryptoPunks recently surpassed Bored Apes to become the most expensive blue chip collection. While BAYC’s floor value have plunged consistently over the months, Punks have maintained a healthy price while crossing the path against the apes recently. Collections including Doodles, Otherdeeds by Otherside and more had stayed low-key.
Last month, Yuga Labs won the case involving intellectual property (IP) rights against Jeremy Cahen and Ryder Ripps. Both the individuals in the lawsuit said that Yuga Labs collection appears similar to their NFT collection titled RR/BAYC. Moreover, BAYC is more expensive compared to Jeremy and Ryder’s collectibles.
The company was involved in another class action lawsuit that dragged some renowned celebrities including Jimmy Fallon, Kevin Hart, Snoop Dogg among others. According to court filings, Yuga Labs allegedly used popular figures to garner investors attention. Additionally, Guy Oseary, Hollywood talent agent, used his network to promote the blue chip collection.
Dookey Dash Gave BAYC Ecosystem a Boost
CryptoSlam data shows BAYC collection peaked at $11.4 Million on February 22, 2023. Since then, the collectibles have not displayed any significant movement in sales. On May 10, 2023, the volume surpassed $5 Million, but again, went low-key. Yuga Labs tried to give a boost to their ecosystem in January with the trial of Jimmy the Monkey in Dookey Dash, an NFT-based game.
Since the game’s launch, the ecosystem has introduced a few BAYC-focused elements including HV-MTL NFTs. Kyle Jackson aka Mongraal, a YouTube personality won the Dookey Dash key which he traded for $1.6 Million.
Anurag is working as a fundamental writer for The Coin Republic since 2021. He likes to exercise his curious muscles and research deep into a topic. Though he covers various aspects of the crypto industry, he is quite passionate about the Web3, NFTs, Gaming, and Metaverse, and envisions them as the future of the (digital) economy. A reader & writer at heart, he calls himself an “average guitar player” and a fun footballer.
