The Struggle of Bored Ape Yacht Club NFTs: Die-Hards Stay True as Value Craters

The value of Bored Ape Yacht Club NFTs has plummeted more than 90%, leaving many collectors reeling. However, some die-hard fans are not giving up just yet. In fact, there are big plans in the works for Yuga spinoffs, including talk of a Yuga-themed hotel in Bangkok.

Despite the steep decline in value, loyal collectors are doubling down on their commitment to collections like Bored Ape Yacht Club and Mutant Ape Yacht Club. To join the Mutant Cartel, collectors must purchase an “oath NFT” for 0.07 ETH, or $228, which grants them a seat at the Cartel’s table and status as a Made Mutant.

Calum Morrison, co-founder of Novel Labs, which runs Mutant Cartel, emphasized the importance of staying true to these collections, even in the face of adversity. While the NFT market as a whole may be struggling, die-hard fans like Morrison still believe in the potential of non-fungible tokens for world-building and creativity.

Yuga Labs, the studio behind Bored Ape Yacht Club and its spinoffs, continues to receive support from venture capital and web3 heavyweights. Members of the ApeCoin DAO are even considering a proposal to create a Yuga-themed hotel in Bangkok, although the plan’s feasibility remains uncertain.

Despite the enthusiasm of some collectors, there is a lack of consensus within the ApeCoin DAO on how to push the brand forward. Proposals for Ape-related ventures, such as a comedy event company and influencer marketing campaigns, have failed to gain sufficient support.

As the NFT market faces challenges and skepticism, collectors are grappling with the reality of the situation. While some envision mainstream success for Yuga brands, others question the demand for Ape-themed products and experiences.

In the midst of uncertainty, one thing is clear: the world of NFTs is evolving, and collectors must adapt to survive. Whether the Yuga spinoffs will thrive or fade into obscurity remains to be seen, but one thing is certain – the passion of die-hard fans will continue to drive the NFT space forward.