Crypto Scandals & History on Nostr: The Bored Ape Yacht Club (BAYC) launched in April 2021, with each NFT priced at 0.08 ...
The Bored Ape Yacht Club (BAYC) launched in April 2021, with each NFT priced at 0.08 ETH. By April 2022, the floor price had skyrocketed to 152 ETH, equivalent to $430,000. The total secondary market volume for BAYC NFTs reached $4 billion, with Yuga Labs, the creator of BAYC, raising $4 billion in valuation in March 2022. However, the market began to collapse, and by 2023, the floor price had dropped below 20 ETH. The ApeCoin launch was also marred by controversies, including insider allocation. The Otherside metaverse land sale raised $317 million in just three hours, but it crashed the Ethereum network. Yuga Labs also faced a $10 million lawsuit from Ryder Ripps over art copyright infringement. The collapse of the BAYC market has left many investors reeling, with some losing millions of dollars. The question remains, what caused the collapse of the BAYC market, and can it recover?
Published at
2026-03-21 21:00:03 UTCEvent JSON
{
"id": "e113e19ec686c035c944c4f4879a289cb6fd632ee91b2dd99e4a6dfd4bc18d96",
"pubkey": "a0542326be9b89ad9aec6d37290855ed50261e0bb23484c3887f621a17ea0b8b",
"created_at": 1774126803,
"kind": 1,
"tags": [
[
"NFT",
"BAYC"
],
[
"Yuga Labs",
"ApeCoin"
]
],
"content": "The Bored Ape Yacht Club (BAYC) launched in April 2021, with each NFT priced at 0.08 ETH. By April 2022, the floor price had skyrocketed to 152 ETH, equivalent to $430,000. The total secondary market volume for BAYC NFTs reached $4 billion, with Yuga Labs, the creator of BAYC, raising $4 billion in valuation in March 2022. However, the market began to collapse, and by 2023, the floor price had dropped below 20 ETH. The ApeCoin launch was also marred by controversies, including insider allocation. The Otherside metaverse land sale raised $317 million in just three hours, but it crashed the Ethereum network. Yuga Labs also faced a $10 million lawsuit from Ryder Ripps over art copyright infringement. The collapse of the BAYC market has left many investors reeling, with some losing millions of dollars. The question remains, what caused the collapse of the BAYC market, and can it recover?",
"sig": "aa1b8b35a260d612bc1d62d2db452a20b6dd04c8a95af8120aa47bad958a1c0c1d80a2bd3cef3fb2d2a7002a9e0025d025b7e110b13953980611767890f99e26"
}
