Moreover, the new CEO of Yuga Labs comes from Activision Blizzard (NASDAQ:ATVI), the renowned American video game company. Daniel Alegre took the wheel of the Bored Apes Yacht Club just two days after announcing his resignation from Activision Blizzard. Besides, Mr. Alegre is a new member of the Mutant Ape Yacht Club, having acquired the funky MAYC #3850.
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This year, the Bored Apes Yacht Club NFT avatars were featured on MTV VMAs, while actor and TV producer Seth Green wrote a script to use his Bored Ape NFT in an upcoming TV show. On the other hand, the new developments in projects like Otherside by Otherdeed and Mutant Ape Yacht Club NFTs didn’t stop the Bored Apes from suffering a massive drop when the $55M BendDAO lending protocol drainage took place.
Besides, some regular-trait Bored Apes NFTs, like Justin Bieber’s teary-eyed Ape, have lost 98% of their market value since the beginning of the year. In contrast, the BendDAO ending protocol is back with 183.29% APY, while Binance also launched a Bored Apes NFT staking program recently.
Meanwhile, Yuga Labs’ native cryptocurrency, ApeCoin (APE), is going through a hard knock life this week. At press time, the 33rd ranked Bored Apes NFT indigenous altcoin ApeCoin (APE) is changing hands at $3.55, according to CoinGecko. Showing a slight 2% growth in the past 24 hours, Apecoin (APE) is still down by 19.2% in the last 7 days.
On top of that, the famous crypto primates, the Bored Apes NFTs, are getting slashed by the vindictive bears of the rough crypto winter all year round. To illustrate, BAYC native ApeCoin (APE) hit an all-time high 8 months ago at $26.70, only to be close to full retraction now with an 86.8% decline.
However, the Bored Apes NFT collection notably progressed in adoption, as a countless number of celebrities praised the NFT project, including Snoop Dogg, who called BAYC “a cultural juggernaut.”
Yuga Labs is one of the largest blockchain & Web3 companies, valued at $4 billion in the last funding round.
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See original on DailyCoin
Source: Cryptocurrency - investing.com
