Trading volumes and floor prices for the Bored Ape Yacht Club (BAYC) NFT collection surged on Thursday, following the announcement of ApeCoin (CRYPTO: APE) – a utility token that will play a big role in the ecosystem.
What Happened: According to data from decentralized marketplace OpenSea, transaction volume for BAYC non fungible tokens (NFTs) surged 481% over 24 hours to 17,800 Ethereum (CRYPTO: ETH). Floor prices for BAYC NFTs also exceeded 106.9 ETH, which amounted to $288,600 at press time.
Other collections from the Bored Ape Yacht Club ecosystem also saw massive surges in trading volume and floor prices.
The Mutant Ape Yacht Club (MAYC) collection’s trading volume rose by 460% to 12,900 ETH and its floor price stood at 23.69 ETH. Bored Ape Kennel Club’s trading volume rose 615% to 4,351 ETH and Bored Ape Chemistry Club’s trading volume surged 1,522% to 1,173 ETH in the last day.
Why It Matters: On Wednesday, BAYC creator Yuga Labs announced it would be adopting ApeCoin as a token on its gaming metaverse and decentralized governance…