Decoding the reason behind meteoric rise in floor prices of these top NFT collections

yuga labs announced his Other Side metaverse project with a teaser video a month ago, shortly after ApeCoin debuted. In a tweet at the time, Yuga Labs hinted that the metaverse project could launch in April. Reportedly, it would include all of Yuga Labs’ NFT franchises, including their jewel, Bored Monkeys Yacht Club. With Mutant Apes Yacht Club, cryptopunksY meebits.

happy ape dance

With the official announcement of the Otherside metaverse project, the minimal price de BAYC reached a new high of 137 ETH and the volume of transactions increased by 22% in 24 hours. MAYC 24-hour traders are up 86% and price floors are up 11%. In fact, BAYC and MAYC ranked NFTs No. 1 and no. Ranked #2 for minimum capitalization (market capitalization) on NFT price tracking websites like NFTPriceFloor, Coinmarketcap, and Coingecko.

Here’s a deep dive into each of the two interesting projects to get a better look at the stats.

Bored Ape Yacht Club (BAYC), a collection of 10,000 unique Bored Ape NFTs: Unique Digital Collectibles Living on the Ethereum Blockchain showed an unprecedented rally. According to an analytical platform, Dappradar, the market value of BAYC has exceeded $4 billion and currently I sat at around $4.04 billion registering a 5% increase in 24 hours.

Source: Open sea

In fact, transaction volume surpassed the half million Ether milestone as evidenced above. Furthermore, in the last 7 days, the sales volume exceeded 10,000 ETH. But why?

Well, most of the speculation from popular NFT influencers on social media worked. BAYC NFT owners would receive a virtual land airdrop in the next metaverse to be built by Yuga Labs. So if any BAYC holders planned to sell and make a profit, that’s another reason not to.

Consequently, the price floor shot up, as shown by Coin Gecko. It went from 92 ETH to over 130 ETH today.

Screen Shot 2022 04 24 at 7.13.53 PM

Source: Coingecko

The increase in the “minimum” price showed the high demand for this project. From a USD perspective, this means that the price floor is now almost $390,000.

Another ape joins the party.

BAYC’s closest competitor, Mutant Ape Yacht Club, also posted a new all-time record by climbed at a minimum price of 38.5 ETH with an increase of 12.2% at the time of publication. Like its counterpart, MAYC, in third place it posted promising numbers as evidenced in the following table:

Screen Shot 2022 04 24 at 7.24.59 PM

Source: Open sea

The two flagship Yuga Labs collections, along with the price of ApeCoin (APE) spiked in response to rumors of a Genesis drop. But the main question that needs to be asked or highlighted is the concern regarding vulnerabilities.

Earlier this month, EtherScan reported that Bored Ape Yacht Club’s Discord account was compromised, with some users’ funds stolen and at least one NFT stolen.

Does this imply that the community has overcome such uncertainties around security?