Last weekend, digital art collector Machi Big Brother made waves by auctioning off over 50 Bored Ape Yacht Club (BAYC) NFTs, with 19 NFTs traded in a single batch for an astonishing $1.2 million.
Over 50 Bored Ape Yacht Club (BAYC) NFTs were auctioned off by renowned digital art collector Machi Big Brother last weekend. On Saturday, 19 BAYC NFTs were traded in a single batch for an astounding $1.2 million. These transactions were all made on Blur.io, which presents a significant obstacle for OpenSea in terms of NFT trading volume.
Machi Big Brother wrote a proposal to ApeCoinDAO, the autonomous decentralized organization collectively governing ApeCoin (APE), the memecoin with a monkey motif that was inspired by none other than the Bored Ape Yacht Club (BAYC), at the same time.
ApeCoin burst through the bullish divergence last week to join the TOP 50 by worldwide market value this Monday, despite steep declines following the SEC’s decision to dismiss two lawsuits against the two biggest cryptocurrency exchanges in the world. At the time of publication, ApeCoin (APE) was trading at $2.42, up 17% over the previous week.
Can bored apes re-climb the mountain?
Before the Bored Apes franchise by Web3 firm Yuga Labs got off and gained some notoriety, the big sell-off had pushed the Apes back to November 2021 prices. To give an example, well-known American rappers Snoop Dogg and Eminem performed a Bored Apes-inspired song at the MTV Video Awards, while actor Seth Green began developing a story for a television series based on his Apes trademark. The Golden Age of the Apes was in fact during those times.
However, compared to the floor price of 153 Ethereum (ETH) on May 1st, 2022, prior to the Terra Luna crash, the Bored Ape NFT is currently only worth 37.249ETH. Blur.io farming has been criticized by prominent members of the Bored Ape community, as JBond pointed out in a thorough Twitter thread. Trading BAYC and MAYC on Blur.io generates a trading volume greater than OpenSea’s, however trading for points may eventually lower the collection’s market value.
The neighborhood needs a hero. Several BAYC members asked Greg “Crypto Garga” Solano about Yuga Labs, Bored Apes’ owner, future ambitions. Yuga co-founder Mr. Solano told the crowd that he is “bald & meetings 24/7,” but the Web3 legal fights may have cooled public appetite in seeing more apes.
On the other hand:
- The Bored Ape collection’s new NFTs were also purchased by Jeffrey Huang, a.k.a. Machi Big Brother, who also announced a competition to give away a free ape for the best meme.
- Soon after, Machi Big Brother uploaded a photo of himself and his brother along with the caption, “Best selfie gets an ape. I’m a simpleton who enjoys eating catfish.
One of the best-selling blue-chip NFT compilations ever is Bored Ape Yacht Club.