Yuga Labs’ NFT collections plummet to all-time lows

In 2021 and early 2022, NFTs, which were snapped up at the craze level, tried to recover with the rise in the price of Ether, but it seems that collections such as BAYC, MAYC and Otherdeeds released by Yuga Labs could not keep up with this output in any way. Yuga NFTs hit an all-time low in ETH as of last week.

Yuga Labs’ NFT collections plummet to all-time lows

The NFTs of Yuga Labs, one of the biggest players in the NFT industry, have recently hit their lowest levels on an ETH basis. The company’s most well-known collection, Bored Ape Yacht Club (BAYC), which can even be called the brand face of the company, has also suffered great value loss in recent months.

BAYC’s history

At one time, the cheapest BAYC NFT was 152 ETH, but this price is now down to 15 ETH. The last time Bored Ape NFTs were available at 15 ETH was in August 2021. The collection was already released a few months ago. In fact, at this time last year, during one of the harshest periods of the bear season, the cheapest BAYC NFT was worth 72 ETH. This corresponded to approximately $108,000. So even in the coldest days of the bear season, BAYC NFTs were in better shape.

MAYC floor price fell below the mint price

Mutant Ape Yacht Club (MAYC), another well-known collection of Yuga Labs, was also one of the NFTs that went down to the ATL level. The cheapest product of the collection, which was released in August 2021, dropped to 2.4 ETH. When the collection was first released, 3 ETH had to be spent to create an NFT, but the price has now dropped even below that.

Similarly, Otherdeeds NFTs of Yuga Labs’ metaverse game Otherside went almost upside down. The “floor price”, that is, the lowest price, went down to 0.21 ETH last week. The price, which has experienced a surge in a week, is at 0.23 ETH levels.

It is noteworthy that the more than 100% increase in the ether price, especially since last year, is not reflected in Yuga Labs NFTs. For example, in May 2022, 305 APE Coins had to be spent to create an Otherdeed NFT when it was first released. This meant approximately $5800. The price has now dropped to $929.

CryptoPunks increased in value

However, not every NFT collection has suffered the same fate. The CryptoPunks collection, whose rights Yuga Labs acquired in early 2022, has doubled in value since December, even at dollar parity. In fact, just last week, a CryptoPunks NFT found a seller for $16 million.

Could it be the Bitcoin Ordinals effect?

Although Yuga Labs NFTs are among the most depreciated Ethereum-based collectibles, the overall market seems to be in bad shape, with exceptions. The reason for this may be the great interest in Ordinals, also known as Bitcoin NFTs.

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