Bored Ape Yacht Club NFT’s floor price hit a record high above 142 ETH on Monday.
That marks a 887x return in ETH and over 100x return in USD over the last year.
BAYC NFTs and ApeCoin have both been pumping ahead of their creator Yuga Labs’ metaverse verse release.
Bored Ape Yacht Club Price Floor Hits Record High
Just over one year after Bored Ape Yacht Club (BAYC) completed the release of just over 10,000 Non-fungible Token (NFT) variations of its iconic ape cartoon, the floor price to purchase one has surged to a fresh record high.
Crypto analysts have said that there has been a surge in interest in BAYC NFTs ahead of the launch of the Otherside metaverse project later this month by Yuga Labs, the creator of the BAYC NFT collection. Holders of the original 10,000 BAYC NFTs are allegedly going to receive perks within the new metaverse.
According to NFT Price Floor, the asking price for the cheapest BAYC NFT on the market on Monday was slightly more than 142 ETH, or slightly more than $400,000.
Priced in ETH, that marks a near 40% jump in the past 30 days and a more than 230% return since the start of the year. In US dollar terms, given one ETH was worth just over $3000 30 days ago and around $3650 at the end of last year, those returns in US dollars are a more modest, but still impressive, 25% and 85% respectively (approximate).
But when looking at returns over the last year, things are much more impressive. Around this time last year, one BAYC NFT sold for as little as 0.16 ETH. A price floor of north of 142 ETH marks a return of at least 887x.
Given one ETH was valued at roughly $2400 this time last year versus close to $2850 today, that marks a more than 1000x return in US dollars.
Recent growth in the value of the BAYC NFT collection also goes hand in hand with recent upside in the price of ApeCoin. APE/USD currently trades near all-time highs around $17 per token, up nearly 100% since its release slightly more than one month ago.
ApeCoin will be the native token used to power the Otherside metaverse’s economy, so hype ahead of the release of the new metaverse is being cited as pumping its price.
China’s Li Ning To Release BAYC Clothing Line
Crypto analysts said that recent upside in the floor price of the BAYC NFT collection is also being helped by news over the weekend that Chinese sportswear and equipment-making powerhouse Li Ning is set to release a BAYC-themed clothing line.
The company purchased BAYC #4201 and accordingly gained all of the reproductive rights to the image. It will be releasing T-shirts and caps featuring a print of the image.
Though China is yet to regulate NFT trading and authorities via state media have previously warned against the dangers of speculation, China is expected to be a key market powering the growth of the crypto/NFT space in the years ahead.
This article was originally posted on FX Empire