BAYC Investors Sue Sotheby’s, Yuga Labs and MoonPay Alleging NFT Price Gouging and False Advertising
On August 18th, according to CNN, some investors are suing Sotheby's, Bored Ape Yacht Club (BAYC) creator Yuga Labs, and MoonPay, alleging that Sotheby's misleadingly promoted NFTs and colluded with Yuga Labs to artificially inflate their prices. These investors are also seeking a jury trial and demanding compensation of over $5 million.
Yuga Labs Announced Its Comeback and Will Participate in the 2023 ApeFest Conference
After announcing his diagnosis of congestive heart failure and deciding to leave the "Bored Ape Yacht Club" (BAYC) project about 7 months ago, Yuga Labs co-founder GordonGoner.eth suddenly appeared on social media and announced his health status to the community. In addition, he announced that he will return to participate in the 2023 ApeFest conference. Prior to this, it was reported that the Bored Ape Yacht Club (BAYC) will hold the ApeFest monkey festival in Hong Kong from November 3rd to 5th, 2023.
Bicycle Card, the Poker Company Holding BAYC#1227, Intends To Launch a Limited Edition BAYC Poker
On August 9th, Bicycle Card, a US playing card company that owns BAYC #1227, announced that it will release a limited edition Bored Ape Yacht Club (BAYC) playing card set. The expected delivery time is between December 23, 2023 and February 24, 2024.
In addition, Bicycle Card will release an exclusive Golden Banana Collection card set for the Bored Ape community (only for BAYC, MAYC, and BACK holders).
ApeCoin hits all-time low as Bored Ape Yacht Club NFTs face renewed pressure
ApeCoin, the Ethereum-based token powering Yuga Labs' Otherside metaverse game, hit an all-time low as the Bored Ape Yacht Club NFT collection faced renewed pressure. ApeCoin is linked to the valuable Bored Ape profile pictures and fell to $1.77 before rebounding to $1.84. The market for PFPs is faltering, causing assets associated with Yuga Labs' smash hit to fall back to earth. Despite the decline, ApeCoin is still ranked #65 among all other tokens in terms of market capitalization, with a total value of $675 million.
Yuga Labs Previews Latest Developments for Otherside Metaverse and Emphasizes Importance of IP Licensing Conditions
Yuga Labs, the company behind successful NFT brands in the Web3 space, provided a sneak peek of their latest developments for the Otherside metaverse to a group of Bored Ape Yacht Club and Otherside community members. The preview included concept art for Otherside, a walk-through of a section of the island at the center of the metaverse, 3D versions of BAYC PFPs, and a teaser for Yuga's 2D strategy game, Legends of the Mara. Yuga's Chief Creative Officer, Michael Figge, stressed that Otherside will be a place where all communities can create things that resonate with their respective audiences.
Blue-Chip NFT Floor Prices Plummet Despite Drop in Sales Volume
The floor prices of high-quality Ethereum-based NFT projects, known as blue chips, have dropped by an average of 82.8% from their all-time highs due to a decline in trading volume. Bored Ape Yacht Club and CryptoPunks experienced the highest losses among the top 11 blue-chip NFT projects, with BAYC losing the most native currency value and CryptoPunks losing the most USD value.
BAYC Launches On-Chain License Application Platform Made by Apes
Bored Ape Yacht Club announced the launch of Made by Apes, an on-chain license application platform jointly with SaaSy Labs. Members can apply for a unique on-chain license and register businesses or products (such as clothing, food, games, music, etc.). At present, it has cooperated with Ape Beverage, Applied Primate, Artin Motion, Bored Media Group, etc., and will launch more community products in the future.
NFT Data: Bored Ape Yacht Club Has the Highest Trading Volume in 24 Hours
NFT data analysis platform NFTGO shows that in the past 24 hours, Bored Ape Yacht Club had the highest transaction volume, reaching $2,542,199, with a floor price of $61,345
Yuga Labs Enforces Intellectual Property Rights for CryptoPunks and Bored Ape Yacht Club NFT Collections
Yuga Labs, the Miami-based Web3 company that owns popular NFT collections CryptoPunks and Bored Ape Yacht Club (BAYC), is making headlines for enforcing its intellectual property rights. Recently, Tom Lehman, creator of the Ethscriptions Protocol, removed Ethereum Punk images from his website and the Ethereum Punks' website at Yuga Labs' request. This move has sparked discussions about the implications of Yuga Labs' earlier trademark-based legal victory for current NFT holders and creators.
NFT Market Slump: Azuki and Bored Ape Yacht Club Collections Sold Off by Long-Term Holders
Recent weeks have seen a significant increase in sales of leading NFTs held by their owners for more than one year, with Azuki being the biggest victim. About 4.63% of all Azuki collections held by diamond hands were sold off, accounting for nearly 1.88% of the total Azuki NFTs present in the market.
