Within the Yuga Labs space, a favorable outlook is painted for the NFT market, while with Apecoin, everything is different. The dedicated crypto trading platform recently sold some 55,000 unique NFTs on Otherdeed, a metaverse divided into differently privileged lands.
NFT trading has had a bad outlook caused by the bearish streak that attacks cryptocurrencies. During the previous seven days, only one virtual collection brought by the singer Madonna was launched, where she gave birth to art.
Bored Ape auction gains prestige amid falling market
Although the commercial space in Yuga Labs is slow, this is not a limitation for some collections like Bored Ape to increase their purchasing value. Recently the developer of the NFT collection reported its highest acquisition of around $320,000,000 or approximately 305 APE tokens. Other details about the massive purchase of NFTs are that each Bored Ape piece costs $5,800 or 19 APE, depending on the token’s value.
But there are reports about a new sale in Otherdeed valued at about 625 Ethereum tokens, corresponding to over $1.5M. Crypto experts suggest that it seems unbelievable how far a person can go to own land in the metaverse, referring to the cost of the last piece sold.
APE tokens at Yuga Labs are frozen
Although Yuga Labs obtained permission to sell Otherdeeds land a year ago, it has been reported that no APEs have been used for metaverse sales. This is because crypto fans feel that the protocol is unclear, which causes demotivation to be used.
Yuga Labs would be creating its dedicated Blockchain to offer stable support to over 16,000,000 APEs. But the company asked ApeCoin DAO, the decentralized company, to decide if it wanted to change the Ethereum network for a dedicated protocol.
If Yuga Labs changes its Blockchain, the platform’s popularity and APE are likely to increase dramatically. This is because the NFT platform would be offering an alternative to Ethereum transactions, which stand out for being very expensive.
The Otherdeed metaverse entered the Yuga Labs list of options after the BAYC and MAYC collections hit the market. However, the collection has not been as successful as expected due to the lack of popularity in APE.
Today the token is trading at $7.79, with a 15 percent drop in its price over the last 24 hours. APE was also a victim of the bearish streak in the market, and like Bitcoin or other tokens, they would be slowly recovering their value.