Earlier in the year we covered a collectible NFT project titled “Bored Ape Yacht Club”.
This record breaking collectibles project has over 3,600 individual owners & had an extremely successful debut. The community that they have built is also one of its kind.
Since then, Larva Labs, the parent company of crypto punks decided to release their brand new NFT project titled “Meebits” within the same week.
Considering that larva has not released any new projects since crypto punks, that was a huge deal for the market. There is speculation throughout the NFT community that the project was a response to the apes but no definite proof has been found.
Larva labs is recognized across the board as the blue chip company of NFTs.
The Bored Ape NFTs debuted a little under .10 Eth, or 1/10th of an Ethereum token’s total price at the time. On the contrary, Larva Labs debuted the Meebits “floor” or drop price at 2.5 ETH & gave a free one to every single person who owned a crypto punk. Post drop, the meebits project received a ton of backlash for severe technical issues but still caused prices on the apes to decline.
The Bored Apes Are Back!
The floor on the Bored Apes has shot back up within the last week of may with prices now at a minimum of .9 ETH (almost 10x the original floor price) and counting while meebits are in the negative.
Influencers have decided to get bored.
Beeple:
The President of Basketball Operations Daryl Morey
of course the legendary Shiller of NFTs Pranksy.
The parent company for the apes are adding utility to the collectibles by announcing a large land purchase within the sandbox metaverse.
if you are looking to get involved, the average price of an Ape is around .7 ETH contrary to prices over 4 ETH for a Meebit.
This could be why the Bored Apes are mentioned as “the people’s NFT” across social media.
Thank you, always manage your risk & only expose cash you can afford to lose.
Stay Bored, Apes.