Bored Apes, the project that never ceases to amaze the NFT community, has seen another huge bump in activity this week following several celebrity endorsements. Alongside the hype for BAYC, Yuga Labs’ subsequent release Mutant Ape Yacht Club also saw significant spikes in both user wallet interactions and trading volume.
During the past week celebrities like Timbaland and Jimmy Fallon gave Bored Ape Yacht Club some mainstream attention once again. Bored Apes attracted 163% more traders over the past seven days, boosting sales 176%. In turn, this pushed the trading volume for the collection to over $69 million. Additionally, BAYC has outperformed the likes of Art Blocks and CryptoPunks. The collection has secured a steady second place in DappRadar’s Top NFT Collections Rankings for the past week.
Mutant Ape Yacht Club is close behind, landing at third place in the DappRadar Rankings. The collection attracted 169% more traders compared to the week before, boosting the total to more than 2370. With this spike in activity, the number of MAYC sales rose by 203%. Additinally, the trading volume for the collection surpassed $51 million in the past seven days.
While both Bored Apes and Mutant Apes have solidified their position as leaders in the NFT space, the recent spikes in activity are impressive. There are a combination of factors at play behind the sudden jump in traders and volume the collections have witnessed in the past week. Read on to find out the whole story.
Bored Apes attract celebrity attention
Bored Ape Yacht club has become the gold standard in blue-chip NFT collections in the span of mere months. The project and community have become so important in the NFT space that their influence is beginning to seep into the mainstream. Especially attracting the attention of prominent figures in Hollywood and the music industry.
The recent spike in activity for both BAYC and MAYC is partially due to the influx of big celebrities joining the community. On Friday, Jimmy Fallon, one of the most popular late-night talk show hosts in the US, announced that he owns Bored Ape #599. While Fallon opted to partner with Moonpay for getting his hands on a BAYC NFT, the sentiment is still there. Celebrities are aping into the collection.
Timbaland, a big name in the music industry, also recently joined the BAYC community. While he received Bored Ape #590 only two weeks ago, Timbaland is now making grand plans that involve the collection. According to a recent announcement, Timbaland has created a new production company called Ape-In Productions (AIP). The company will focus solely on offering production services to Bored Ape members who want to create music for the metaverse. According to a statement by the rapper and producer, the first single created with the help of AIP will be introduced on November 17th. Stay tuned!
Jimmy Fallon and Timbaland are just the latest additions to a much more extensive list of celebrity NFT enthusiasts who have joined the Bored Apes community. For the complete list of celebrity wallets with BAYC NFTs in them, check out the DappRadar Celebrity Deep Dive.
Yuga Labs continues to innovate
Undeniably, one of the biggest contributors to BAYCs stellar rise to success is the company behind the collection. Yuga Labs is probably the most ambitious NFT team in the space at the moment. After successfully organizing and running the first-ever Ape Fest, Yuga Labs is now looking to patent the word Ape.
Notably, the trademark application confirmed that Yuga Labs is actively working on creating a cryptocurrency token for BAYC. According to the application with the United States Patent and Trademark Office (USPTO), one of the primary intended uses of Ape would be to provide “a digital currency or digital token for use by members of an online community via a global computer network”.
Yuga Labs’ steady development plan for the Bored Apes ecosystem and community is one of the most attractive features for members. As the company continues to bring utility to collectors, the price for BAYC and MAYC NFTs soars. At the time of writing, the floor price for a Bored Apes NFTs is 42 ETH, or close to $200,000. Just two days ago, on Friday, the floor price was close to 38 ETH.
Bored Ape Yacht Club has successfully conquered the hearts, minds, and wallets of the NFT community. More prominent members of the mainstream continue to join. This means that BAYC is effectively blurring the lines between the NFT community and the general public.
DappRadar will continue monitoring the BAYC ecosystem, as Yuga Labs has some exciting things in store for the community. If you want to find out more about the Bored Apes phenomenon, check out the links below. You can also follow DappRadar on Twitter and join our Discord community to learn the latest NFT news first.
