BAYC has fallen from 150Ξ to 8Ξ
A pragmatic look at the rise and fall of the most successful NFT collection of all times 📉
A pragmatic look at the rise and fall of the most successful NFT collection of all times 📉
BAYC minted in May '21, selling out all 10,000 units at 0.08Ξ
The mint process was unique at the time, as most mints were on a bonding curve pricing, meaning the last NFTs were more expensive to mint
BAYC established the fixed mint price and reinforced the 10k model
The mint process was unique at the time, as most mints were on a bonding curve pricing, meaning the last NFTs were more expensive to mint
BAYC established the fixed mint price and reinforced the 10k model
https://twitter.com/1381699264011771906/status/1388411837545340931
From here onwards, things started to go parabolic
@garyvee was an early supporter of the project and bought his first 3 apes on June 8, '21, and bought 3 more in December of that year
Many celebrities bought Apes that year, including Jimmy Fallon, Paris Hilton, Faze and Bieber
@garyvee was an early supporter of the project and bought his first 3 apes on June 8, '21, and bought 3 more in December of that year
Many celebrities bought Apes that year, including Jimmy Fallon, Paris Hilton, Faze and Bieber
Yuga Lab had found a Blue Ocean. In other words, they created a new market and were uncontested for a while
They pioneered several key concepts
- Differentiation and Value Innovation
- Core culture and community
- Celeb endorsement
And they were about to reward the believers 💰
They pioneered several key concepts
- Differentiation and Value Innovation
- Core culture and community
- Celeb endorsement
And they were about to reward the believers 💰
Multiple free airdrops happened between 2021 and 2022
Mutants, Kennel and $APE were all given to BAYC holders for free, and the total value of a BAYC mint + airdrops peaked at $800,000 by May '22, just a year after minting
The gift that kept on giving, or so we thought...
Mutants, Kennel and $APE were all given to BAYC holders for free, and the total value of a BAYC mint + airdrops peaked at $800,000 by May '22, just a year after minting
The gift that kept on giving, or so we thought...
Yuga, the parent company behind BAYC, started to add a ton of collections to its ecosystem
Otherside was a huge release, with 100k units, starting a downward spiral
Since, an acquisition spree also took place, with CryptoPunks, 10KTF and the launch of HV-MTL
Shit hit the fan
Otherside was a huge release, with 100k units, starting a downward spiral
Since, an acquisition spree also took place, with CryptoPunks, 10KTF and the launch of HV-MTL
Shit hit the fan
By late '22, the original founder @GordonGoner had to step down to look after his health
It was a huge blow to the company, and Yuga tried to replace him with @dalegre, ex-Activision CEO
His focus was clear. Turn Yuga into a gaming company. How did that work out?
It was a huge blow to the company, and Yuga tried to replace him with @dalegre, ex-Activision CEO
His focus was clear. Turn Yuga into a gaming company. How did that work out?
https://twitter.com/1362625187489976321/status/1619372809352007682
A first glance at the Otherside game was released in June 2022, and while very basic, it gave people hope that something was happening
Unfortunately, not much has happened since, with only more delays than Rihanna's new album
The cracks started to show
Unfortunately, not much has happened since, with only more delays than Rihanna's new album
The cracks started to show
https://twitter.com/1385956210902454272/status/1544726473063501826
The delays for the Otherside kept coming, and In January 2024, a low frame rate teaser was released
It was another backlash from the community, suggesting the game was anything but ready
It was another backlash from the community, suggesting the game was anything but ready
https://twitter.com/1494856957471113219/status/1744796579096383679
Another round of questionable decisions was made with the acquisition of @moonbirds in February '24
Literally nobody wanted this except Kevin Rose, who saw another juicy exit
There was also a ton of insider trading, which added fuel to an already large fire
Literally nobody wanted this except Kevin Rose, who saw another juicy exit
There was also a ton of insider trading, which added fuel to an already large fire
https://twitter.com/1357749263632109570/status/1758583237964947796
The latest round of fuck up was to add a limited airdrop to the @cryptopunksnfts collection from artist Nina Chanel
This was one of the most heated moments to date, with many calling it a "Woke" collection
Many are losing faith in Yuga and every collections
This was one of the most heated moments to date, with many calling it a "Woke" collection
Many are losing faith in Yuga and every collections
https://twitter.com/1353062898419994626/status/1792620705021829601
Finally, to add more salt to the wound, @blur_io season 3 is coming to an end, and the biggest point farmer, CBB, pulled the plug on all activity for now
While he's not at fault for doing so, it has sent the entire NFT market into turmoil
All Yuga assets are down 25% this week
While he's not at fault for doing so, it has sent the entire NFT market into turmoil
All Yuga assets are down 25% this week
💭 Final thoughts 1/2
Yuga was an innovating force and brought a ton of fresh ideas to the NFT market
They were once a dominant force but struggled to remain innovative in an extremely competitive market
Celebrity exodus tapered the hype, and a series of mistakes were costly
Yuga was an innovating force and brought a ton of fresh ideas to the NFT market
They were once a dominant force but struggled to remain innovative in an extremely competitive market
Celebrity exodus tapered the hype, and a series of mistakes were costly
💭 Final thoughts 2/2
It's important to remember that the Yuga ecosystem is down now, but they have more money than any other project
If anyone has the power to make a comeback, it's Yuga, although the uphill battle is one of the toughest any project will ever face
It's important to remember that the Yuga ecosystem is down now, but they have more money than any other project
If anyone has the power to make a comeback, it's Yuga, although the uphill battle is one of the toughest any project will ever face
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