jakiro
Author: William M. Peaster, Bankless; Compilation: Five baht, Bit Chain Vision World
Two years ago, Bored Apes reached the top of the world.
Bayc’s founder Yuga Labs announced the launch of Crypopunks and Meebits from Larva Labs, which announced the launch of the Otherside game.
This momentum triggered an enthusiasm, and collectors have poured into Bored Apes unprecedented ways, which led the reserve price of the series to a record high of 128 ETH.
However, since then, things seem to have just went downhill.Last week, Bayc’s reserve price fell to 10 ETH, the lowest price in the past three years, and a decrease of -92%from ATH in April 2022.
Why does it fall?
Some of the factor here are beyond the control range of Yuga. For example, the selling pressure on Blur, or more collectors hopping into a more popular ecosystem, such as Bitcoin Ordinals or Solana Memecoins.
However, other factors are the fault of Yuga.During the heyday, they extended their products to 25 different series, just like a huge umbrella, which was confusing and made many holders discouraged.Their recent acquisitions of Proof and Moonbirds have confused many people, causing people to complain that Yuga lacks a magnificent vision of cohesion.
In addition, the highly anticipated Otherside universe is still in the early stages of development. Although the initial game testing looks hopeful, small teams like Nifty Island have gone farther and faster towards similar goals.
It is worth briefly mentioned here is the value of social dimension.
The value of NFT not only comes from practicality and exchangeability, but also from its social dimensionAnd now the social value of Bored Ape is the lowest point since a period of time.They no longer have a halo. At present, their main value is transaction value, and some holders have turned to more modular projects.
So what do Yuga Labs do?Can they rebound and let the “Bored Apes” regain their former glory?
This is of course possible, and recently there have been some encouraging signs.First of all, the most important thing is that Greg “Garga” Solano, the co -founder of Yuga, recently re -served as the company’s leader.
This is the correct measure after Daniel Alegre’s performance as CEO before the acting executive Daniel Alegre. If anyone can help Bored Apes regain their early magic, it is Garga.He said in a return statement:
“We hope to liberate the restraint of the Yuga Bayc team as much as possible to implement its vision. More focused, more agile. So it can … create space for the magic and crazy things we used to do in the past.”
This re -emphasis on key points and streamlined has also been reflected in other fields.For example, last week, Yuga sold its HV-MTL and Legends of the Mara (LOTM) game to Faraway, which indicates that it is cutting the investment of the main items, such as “Bored Apes” and “OtherSide”.
These moves are exactly what anyone who supports Bored Apes wants to see, but there are still many jobs to do in the future, so should we optimistic about Bayc’s performance after three years?
In the short term, things may become worse before getting better.Because ETH NFT is in an embarrassing situation, and the current things in the encrypted economy are even more shiny, I may see that the base price of Bored Apes has fallen below 10 ETH, although I suspect that this situation will not last long.
In the long run, the prospects look much better.Yuga has tended to establish a cooperative relationship with Magic Eden. Magic Eden is currently the most active NFT market and can bring bonus in the future.The launch of the APECHAIN L2 later this year and the launch of Otherside in the next few years may also become the main catalyst of Bayc.
In addition, Yuga still has a lot of work in terms of brand, community and resources to cooperate.In other words, of course, they are not standing in front of a blank canvas, and there is almost no choice.
Therefore, although it is impossible to say whether the Bored Apes will recover the reserve price of the previous 128 ETH, their future prospects are still considerable.I can foresee that at the end of 2024, the reserve price will exceed 40 ETH again.
Short to say?Bored Apes is falling, but it is not out of the game. I think there are now more factor than the factors that are bullish.Let’s see if Yuga can persist to the end and realize the turn!
