Trading volumes and floor prices for the Bored Ape Yacht Club (BAYC) NFT collection surged on Thursday, following the announcement of ApeCoin (CRYPTO: APE) – a utility token that will play a big role in the ecosystem.
What Happened: According to data from decentralized marketplace OpenSea, transaction volume for BAYC non fungible tokens (NFTs) surged 481% over 24 hours to 17,800 Ethereum (CRYPTO: ETH). Floor prices for BAYC NFTs also exceeded 106.9 ETH, which amounted to $288,600 at press time.
Other collections from the Bored Ape Yacht Club ecosystem also saw massive surges in trading volume and floor prices.
The Mutant Ape Yacht Club (MAYC) collection’s trading volume rose by 460% to 12,900 ETH and its floor price stood at 23.69 ETH. Bored Ape Kennel Club’s trading volume rose 615% to 4,351 ETH and Bored Ape Chemistry Club’s trading volume surged 1,522% to 1,173 ETH in the last day.
Why It Matters: On Wednesday, BAYC creator Yuga Labs announced it would be adopting ApeCoin as a token on its gaming metaverse and decentralized governance structure.
A total of 150 million APE tokens will be available to claim by members of the BAYC ecosystem, including Justin Bieber and Eminem, who recently acquired their own unique cartoon ape NFTs.
The APE token is further expected to rise in value after being adopted into a number of blockchain-based gaming ecosystems. Major crypto exchanges such as Coinbase Global Inc (NASDAQ:COIN) have already announced that it will add support for ApeCoin under an experimental label.
Can you imagine how many other projects are going to adopt the $ape coin in their P2E games. Why spend time and resources when you can use a working P2E coin. This is gonna be huge.
— killahbeez (@ummmmmmmwhattt) March 17, 2022
Yat Siu, the co-founder of Animoca Brands and ApeCoin DAO board member, said that ApeCoin represents “the zeitgeist of NFTs today” in an interview with Cointelegraph. According to him, the token is on track to become the Dogecoin (CRYPTO: DOGE) of NFTs where the utility is “community created and community valued.”
