Nfts
Surprisingly, Bored Apes is now laying off employees as the NFT market disintegrates
“To put it simply: Yuga has lost his way.”
Token of gratitude
Bored Ape Yacht Club developer Yuga Labs is laying off an unspecified number of employees as the appetite for non-fungible tokens (NFTs) continues to evaporate.
In a ad on X-formerly-TwitterYuga Labs CEO Greg “Gargamel” Solano said “some very difficult strategic decisions” had “unfortunately” included “restructuring.”
“To put it simply: Yuga has lost his way,” Solano wrote. “Refocusing and being on track means being a smaller, more agile and cryptonative team.”
The news comes amid a major slowdown of the NFT marketwith Bored Ape NFTs that were once worth millions of dollars being sold for a tiny fraction.
But is this bizarre trend really about to disappear once and for all – or are NFTs about to see an imminent resurgence, like some recent reports suggest? Anything is possible, but common sense suggests that at this stage you should only invest with extreme caution.
The monkeys of anger
Celebrities who once cooled the dull JPGs of tired primates are even being sued by angry investors for promoting the tokens in 2021, who claim they “deceptively promoted” the collection.
In October, Yuga Labs’ Ethereum-based token called ApeCoin fell to an all-time low, hovering at just over $1. Despite rallying in February, the coin lost a large part of its value again.
Overall, Bored Apes feels like a shadow of their old mewhen they were sold for millions of dollars in 2021 and 2022. Today, their floor price is just over $40,000.
In addition to launching Bored Apes, Yuga Labs also struggled to launch its video game, called Otherside. In March, the company opened beta sessions to Bored Ape owners for a gripping $75,000.
Despite the high price, the game seemed to be in dire shape. horrible graphics at terrible performance.
Non-fungible rebirth
In short, Yuga is in “hard mode”, as Solano said in his announcement. The company is “going from zero to one again, and we can’t pretend otherwise.”
And this despite certain signs of life on the NFT market. Last week, a CryptoPunk NFT sold for a whopping $12.4 million on Ethereum, ranking among the most expensive NFT sales of all time.
Is this a sign of what still awaits us? As with everything else in the extremely volatile and unpredictable world of crypto, all we can do is wait and watch.
Learn more about NFTs: People say their eyes burn after attending a Bored Ape event