Yuga Labs Ethereum NFTs Fail to Gain to Record-High Prices

The Bored Ape Yacht Club (BAYC) non-fungible tokens (NFTs) are yet to recover to their record-high prices despite a notable recovery across the NFT and the broader cryptocurrency market.

The BAYC NFTs were once some of the most valuable collectibles on the Ethereum blockchain. These NFTs received recognition from popular celebrities including Madonna, Snoop Dogg, and Justin Bieber. However, this is no longer the case.

Yuga Labs NFTs Tank in Value

Data from CoinGecko shows that the current floor price of a BAYC NFT is 11.78 ETH, which is worth around $38,000 at the current Ether prices.

This price is over 90% below what these NFTs were going for in May 2022. At the time, the floor price of these valuable digital collectibles by Yuga Labs was 153 ETH.

The short-term price performance is also not promising. In the past seven days, the floor price of these NFTs has dropped by around 12%. The monthly drop also stands at 52%. This performance is a stark contrast to the general sentiment in the broader NFT market, where most collections have appreciated.

The Mutant Ape Yacht Club (MAYC) NFT collection is also performing poorly. The floor price of this NFT collection currently sits at 1.91 ETH, worth around $6,200 at the current Ether prices.

In the last seven days, MAYC NFTs have dropped by 20%, while the monthly drop stands at 54%. The drop from all-time high levels also stands at 95%. MAYC NFTs were trading at an all-time high of 40 ETH in May 2022.

Other NFT collections by Yuga Labs including Otherdeeds are also trading at all-time low levels. The floor price for the collection currently sits at 0.19 ETH, worth around $626 at the current Ether price.

Yuga Labs created the Otherdeeds NFT collection for its metaverse game known as Otherside. These NFTs represent title deeds for digital plots of land on this metaverse. Yuga Labs launched the NFTs in May 2022, and at the time, they were worth nearly $6,000.

As Ethereum NFTs Drop, Bitcoin Ordinals are Filing the Gap

Ethereum NFTs came to the limelight due to pricey collections like the BAYC and the MAYC. However, other blockchains including Solana and Cardano are steadily making strides in the NFT market. Bitcoin, Ethereum’s oldest rival, is not left behind with massive gains for its Ordinals protocol.

The Bitcoin Ordinals protocol allows data inscription on individual satoshis. Satoshis represent the lowest units of Bitcoin. The feature allows the network to enjoy added functionality while allowing users to mint non-fungible and fungible tokens on Bitcoin while creating decentralized applications (DApps).

In the last 30 days, sales for Bitcoin Ordinals have appreciated by 63% to $146 million according to CryptoSlam. Ordinals are not only appealing to NFT collectors but also to miners who might have to rely on them to boost their rewards after the Bitcoin halving reduced block reward by half.