The floor price of Bored Ape Yacht Club (BAYC) NFTs, one of the most popular and fast-growing NFT collections, has hit an all-time high (ATH) as its native token (APE) also continues to outpace other cryptocurrencies in the market.
In this article, we will focus on the rationale behind its fame and what has caused its NFT floor price to hit a new all-time high.
Bored Ape Yacht Club NFT collection
Before delving into the reasons why the floor price of BAYC NFTs has shot to an all-time high today, it is important to first explain what the BAYC is.
In a nutshell, Bored Ape Yacht Club is a collection of 10,000 Bored Ape NFTs each with unique digital collectibles that live on the Ethereum blockchain. They have different traits that range from accessories and outfits to moods and expressions.
The NFT owner is granted exclusive perks as well as creating a personal club of rich folks where only BAYC NFT holders are allowed.
Why did the BAYC NFTs’ floor price hit a new ATH?
There are two main factors propelling the floor price of BAYC NFTs upwards and they include the Bored Ape metaverse launch and the growing hype around ApeCoin.
Bored Ape metaverse launch
Yuga Labs said via Twitter, that the Bored Ape metaverse will be launched on April 30. Besides, there was a release of some more details in addition to the trailer teaser.
Meet you there.https://t.co/qgI5RM4aov
— Yuga Labs (@yugalabs) April 23, 2022
The metaverse will be able to support a couple of popular collections other than BAYC like CryptoPunks, World Of Women, Meebits, and spinoff Mutant Apes.
According to Yuga Labs, the NFTs will also play a major role in the upcoming metaverse, thanks to the Yuga Labs as all the NFT collections included skyrocketed in their trading activities, however Bored Ape bit all odds to be the largest NFT collection by market value.
There are also ongoing rumors that the project will be opening sales for digital land soon priced in APE.
The growing hype around ApeCoin
The other main factor is the growing hype around ApeCoin (APE) (the native token for the Bored Ape NFT collection), whose price has been a bullish trend in the past few weeks.
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