The NFT market can be said to have been less of a focus compared to last year 2022, at the same time leading to fewer and fewer transactions, and prices of various NFT collections collapsing over time. One of the most affected by this is the NFT Bored Ape Yacht Club collection.
This BAYC collection once reached a value of up to 128 Ether, but now trades around 13 Ether only. It shows a loss of value of almost 90%. In addition to the fall in the value of the NFT itself, the value of the Ethereum cryptocurrency has also shown a decline compared to its peak value some time ago.
In addition, the company behind BAYC, namely Yuga Labs, has now also announced that they will reduce the number of their employees. Yuga Labs said the strategic move had to be taken to ensure the survival of their company.
In addition to the sudden fall in the value of NFT, the token under Yuga Labs, which is ApeCoin, also showed a drastic decrease, in addition to the Otherside game that was previously marketed as their metacity project, it also seems to be less heard lately.