Will Apecoin’s Next Big Launch Bring NFTs Back To Life? – Crypto News – Crypto News
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Will Apecoin’s Next Big Launch Bring NFTs Back To Life? – Crypto News

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Earlier in September of this year, it was rumored that NFT giant Yuga Labs was possibly working on a new NFT collection called “Mecha Apes” with a possible introduction at the fag end of the year.

Mecha Apes Launch Announced

This seems to be true, with Alexey KoseffYuga Lab’s Community Manager, sharing in a tweet that, the NFT behemoth will be releasing the much anticipated “Mecha Apes” by this year’s December.

Along with that, Alexei also revealed that a new blockchain-based gaming platform will be launched in parallel with Mecha Apes and will be powered by their native token Apecoin (APE).

As per Alexei’s recent tweet, Yuga Labs has opened their whitelist for users to register and secure their positions for the upcoming NFT drop.

Steep Decline In NFT Sales

NFTs have shown a sharp decline in trading volumes in recent times. It decreased by 97% from a record high in January of this year to a mere $466 million in September. The largest NFT trading platform by volume, OpenSea, suffered a 75% decline in sales from just two months earlier.

While the nascent NFT market benefited from cryptocurrency price gains and high-risk appetite among investors in 2021, these conditions have turned sharply in 2022, as the central bank’s increase in rates and the recent FTX saga have prompted investors to ditch risky assets like cryptocurrencies.

Can This Trigger The NFT Pump?

However, Yuga Labs being an NFT powerhouse, with notable projects like Bored Ape Yacht Club (BAYC), Bored Ape Kennel Club (BAKC) and the metaverse project called “The Otherside” — all eyes are now on the NFT giant to bring back the NFT space to its former glory with the launch of its upcoming products.

The firm also recently acquired the IP rights of “CryptoPunks” which was once seen as its largest competitor to BAYC.

Read More: Yuga Labs Acquires WENEW & Its Flagship NFT Series 10KTF

Pratik has been a crypto evangelist since 2016 & been through almost all that crypto has to offer. Be it the ICO boom, bear markets of 2018, Bitcoin halving to till now – he has seen it all.

The content presented may include the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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