Several NFT assortments developed by industry heavyweight Yuga Labs have recently plunged to their lowest ETH evaluations, diverging starkly from the ascending fortunes of other NFT projects, including those affiliated with the company, buoyed by the surging crypto market.
For instance, Mutant Ape Yacht Club (MAYC), a collection launched by Yuga in August 2021, has nosedived to an all-time-low floor price of 2.4 ETH, as per CoinGecko data. This translates to the most affordable NFT in the 20,000-piece PFP collection now being available for that price, down from the initial 3 ETH minting cost.
Similarly, the ETH prices of Otherdeed NFTs, representing virtual land deeds in Yuga’s ape-themed metaverse game, Otherside, have steadily plummeted over the past year, hitting an all-time low floor price of 0.21 ETH last week before modestly rebounding to 0.23 ETH.
Despite ETH’s value more than doubling over the past year, this substantial gain hasn’t offset the downward trajectory of Yuga NFT prices. While it took 305 ApeCoin to mint an Otherdeed when the collection debuted in May 2022, now the floor price of 0.23 ETH translates to just $929, even with ETH’s recent surge.
Yuga Labs’ founder Greg “Garga” Solano has returned as CEO, succeeding former Activision executive Daniel Alegre. The Bored Ape Yacht Club (BAYC), the company’s flagship NFT collection, has also witnessed a substantial decline in recent months, dropping from 152 ETH to a floor price of 15.29 ETH.
Although 15 ETH is now worth more than twice its value a year ago, it’s insufficient to offset BAYC’s rapid devaluation. A year ago, the cheapest Bored Ape NFT cost 72 ETH, roughly equivalent to $108,000, a sum almost enough to purchase two BAYC NFTs at the current floor price.
In contrast, not all NFT collections are experiencing the same degree of decline as BAYC, MAYC, and Otherdeeds. CryptoPunks, for instance, have nearly doubled in USD value since December, with recent sales reaching as high as $16.03 million, underscoring the diverging fortunes within the NFT market.
The decline in value of Yuga’s Ape-themed NFTs may be attributed to several factors, including the shifting focus of investors towards Bitcoin Ordinals and other emerging projects. While Bored Apes were highly sought-after during the previous NFT bull run, their appeal may wane amidst changing market dynamics, raising questions about their resilience in the face of evolving trends.