What do the $561 million in Otherside NFT sales mean for the value of APE?

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ApeCoin APE/USD is a cryptocurrency that is behind the Bored Ape Yacht Club Non-fungible tokens (NFTs) as well as the Otherside metaverse.

In other words, it is a token specifically created to power and add utility across all Yuga Labs endeavors within the crypto space, the latest out of which were the Otherdeed NFTs.

The 55,000 NFT collection mint as a catalyst for growth

Yuga Labs, the creators of the popular Bored Apes Yacht Club collection of NFTs, launched a sale of virtual land, which is related to its anticipated metaverse project. 

Yuga Labs made over $318.7 million from the initial mint, with over $242 million in total secondary volume traded. This means that they made up to $561 million through the NFT sales.

In fact, the demand was so strong that it completely bottlenecked the Ethereum blockchain network and disrupted activity on it. In fact, the NFT sale sent transaction fees soaring on the network.

However, holders of the ApeCoin cryptocurrency that verified their identities bought over 55,000 NFTs in the form of virtual land in Otherside, the project’s planned metaverse game and the latest addition to the Bored Ape franchise.

Each piece of land sold at 305 ApeCoin (APE), and they sold out almost instantly

This was a showcase of what kind of utility the APE token can have in the metaverse going forward and is a signal that it has the potential to go up in value. 

However, as the Otherside hype cooled down, so did the value of the token, as it started declining in value.

While the token is now lower in value when compared to its ATH point of value, it has room for growth. In fact, on April 13, we covered how APE achieved bullish gains across the broader market recovery.

Should you buy ApeCoin (APE)?

On May 2, 2022, ApeCoin (APE) had a value of $16.23.


In order for us to see what this value point means for the overall value of the APE cryptocurrency, we will be going over its ATH as well as its performance last month.

When we look at April’s performance for the token, we can see that on April 7, 2022, APE had its lowest point of value at $10.65.

When we take a look at the all-time high of ApeCoin (APE), the token achieved its ATH on April 28, with a value of $26.70. This gives us an indication that the token increased in value by $16.05 in April.

This also means that, at its ATH, the token was $10.47 higher in value, or by 64%, than its value on May 2.

With all of this taken into consideration, ApeCoin (APE) can reach a value of $20 by the end of May 2022, making it a worthwhile cryptocurrency to buy.

The post What do the $561 million in Otherside NFT sales mean for the value of APE? appeared first on Invezz.

from Market Analysis – Invezz

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