Bored Ape Yacht Club Token, ApeCoin Price Nosedives After Metaverse NFT Land Sale

ApeCoin, the token that powers the DAO-inspired Bored Ape Yacht Club, has lost 13% in the last 24 hours as a result of BAYC’s metaverse land sale, which set a new record.

ApeCoin is experiencing a lot of volatility. The token powering ApeDAO, a decentralized organization (DAO) related to the popular NFT collection Bored Ape Yacht Club (BAYC), has dropped, plummeted, and even surged many points in the last 24 hours alone.

APE was trading at $17.74 yesterday, according to price data obtained from CoinMarketCap. The token then dropped to $16.24, rose to $17.56, dropped to $15.7, retook $17.16, and finally dropped to its current price of $15.49.

Despite the unpredictable price activity, the market has suffered significant losses, with net losses of nearly 13% in the last day. ApeCoin is the governance token that is used to propose and vote on various ApeDAO proposals. Those who had a Bored Ape NFT were eligible for an airdrop of this token back in March, although it isn’t the official token of the BAYC collection.

ApeCoin is the governance token that is used to propose and vote on various ApeDAO proposals. Those who had a Bored Ape NFT were eligible for an airdrop of this token back in March, although it isn’t the official token of the BAYC collection. The coin aims to bring the BAYC community together around common goals and events. The community’s so-called Otherside metaverse initiative’s recent land sale is most likely the primary conductor behind the token’s recent volatility.

Yuga Labs, the company behind the NFT collection, released the Otherside metaverse land mint recently. Within this yet-to-launch context, the event enabled the selling of NFT-based deeds (dubbed “Otherdeeds”) to digital land. Yuga Labs raised $561 million as a result of the campaign. As buyers hurried to purchase a piece of digital real estate, fees on Ethereum, the network on which the sale took place, skyrocketed.

Furthermore, only the ApeCoin currency may be used to purchase these deeds. Speculators snapped up masses of APE as the hoopla surrounding the minting sale grew in April, ensuring they could get their hands on a deed.

The rise faded as it became evident that the mint will not be auctioned in the Netherlands, but rather sold “for a flat price of 305 Apecoin,” according to the metaverse project’s team.

In a Dutch auction, an item’s price is determined by market demand, with prices possibly skyrocketing as demand rises.

However, because the price per deed would be fixed the day before the property sale, some investors may have sold some of their ApeCoin holdings. Overall, the BAYC community’s last 24 hours have been anything but dull.

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