Thread by @BanklessHQ

Bored Apes — two years ago, they were on top of the world with a 128ETH floor price

Now, some are saying they're on life support sub 13ETH

Is it time to call it? 💀 Or are there grounds to still be bullish?

A 🌶️ Take 👇

🕰️ The Past

Yuga Labs, BAYC's creators, were riding high after announcing their Otherside gaming metaverse & acquiring CryptoPunks & Meebits

This momentum created a fervor, with collectors piling into Bored Apes like never before, pushing the floor price astronomically high

📉 Down Bad

Since then, though, things have seemed down only

Last week, the BAYC floor price dropped to 10 ETH—the lowest the floor has been in nearly 3 years and a -92% drop from the April 2022 ATH

So, why the decline?

🤷 Out of Control

Some contributing factors have been beyond Yuga’s control, like the rise of hyper-farming on Blur generating sell pressure, or collectors jumping ship to positions in hotter ecosystems, like Ordinals or Solana memecoins

Other factors are Yuga’s fault, though

🔢 Oversaturated

At its peak, Yuga swelled to 25 different collections, a sprawling umbrella that’s confused and turned off more than a few holders

Their recent acquisitions of @proof_xyz & @Moonbirds puzzled many, leading to complaints that Yuga lacks a cohesive grand vision

🌋 Otherside Dreams

For now, the highly-anticipated Otherside metaverse is still early on in development, and while the initial playtests have looked promising, smaller teams like @Nifty_Island have gone farther and faster toward a similar end

🪧 Sign Value

NFTs not only derive value from their utilities & exchangeability but from their social dimensions, & the social value of an Ape is the lowest it’s been in years

They don’t have the same aura they used to so some holders moved to more memetically-charged projects

🥇 Return to Glory?

So what can @yugalabs do? Can they rebound?

It's possible, & there've been some encouraging signs lately

First & foremost, Yuga Co-Founder Greg "Garga" Solano's return as the company's lead

✂️ Streamlining

With a renewed emphasis on focus & streamlining, last week Yuga sold its HV-MTL and Legends of the Mara gaming titles to @farawaygg, indicating it's cutting down to double down on its main projects like Bored Apes and @OthersideMeta

🪄 Magic

Yuga has leaned into its partnership with @MagicEden which is now the most active NFT marketplace, & that can pay dividends going forward

The launch of ApeChain later this year & the launch of Otherside in the years ahead can also be major BAYC catalysts

🔮 Outlook

With ETH NFTs in a weird spot as L2s rise and shinier objects around the cryptoeconomy atm, the floor price of Bored Apes *could* dip below 10 ETH, but that probably wouldn’t last for long

Longer-term prospects look much better

💰 Price Prediction

So while it’s currently impossible to say whether Bored Apes will ever reclaim their previous ATH of 128 ETH, their future prospects remain considerable — the floor hitting +40 ETH again by the end of 2024 doesn't seem far-fetched!

Written by @WPeaster ✍️