Summary:
1. Apecoin drops to an all-time low
2. Starbucks cooperates with Micah Johnson’s Aku NFT project
3. Blend extends support for Azuki Elementals and Elemental Beans NFT
4. Although the new collection has not changed much compared to the old one, the community decided not to change the background metadata for the Elementals collection.
Apecoin drops to an all-time low
While the NFT market is struggling to regain solid ground, the value of ApeCoin continues to decline. Although the value of Bored Ape NFTs has recovered $10,000 from its recent record low, ApeCoin is just two cents away from a new low on Monday following its all-time low on Friday.
ApeCoin is built on top of Ethereum and became a hit with its launch in March 2022. Shortly after its launch, this monkey-themed token skyrocketed to its highest price since $26.70 so far in April of the same year. At that time, ApeCoin’s market value was close to $7.6 billion. But since then, ApeCoin is down nearly 93% from that peak.
At the same time, the minimum value of Bored Ape NFTs has also dropped to around $52,000 ETH on July 2, after peaking at $429,000 or 152 ETH the same month. This price drop comes after popular stars own Bored Ape NFTs as social icons and wish to use them in Yuga Labs’ virtual game Otherside.
ApeCoin plays an important role in the Otherside of Yuga Labs and is a standard currency in this virtual world. At the end of March, about 7,200 participants called “Voyagers” took part in the Otherside demo for the second time, to experience a short portion of the upcoming game.
ApeCoin was received and developed by Yuga Labs after being launched by ApeCoin DAO, a decentralized autonomous organization where member communities, including Bored Ape holders, can participate in projects. and regulations on essential issues.
Initially, Bored Ape holders can claim a fixed number of ApeCoin tokens. Although the current value of ApeCoin is almost at a record low, the token’s current market capitalization is around $700 million, equivalent to the total value of tokens used in other virtual world projects such as The Sandbox’s SAND ($769 million) and Decentraland’s MANA ($699 million), according to CoinGecko.
Starbucks partners with Micah Johnson’s Aku NFT project
Starbucks’ Odyssey, Starbucks’ Web3 loyalty program, has announced a new partnership with Aku’s non-homologous collection (NFT) for Stamp’s next issue on the show’s own Discord channel.
The Aku Collection, created by former Major League Baseball player Micah Johnson, focuses on inspiring young children to dream. The NFTs from this collection have been featured by famous stars like Trevor Noah, Pusha T, and Tyra Banks Buy.
On July 17, Starbucks will launch a new journey called “Aku Adventure,” which will allow Odyssey members to “go on a mission with Aku.” According to the announcement on Discord, the new Stamp was “designed by Aku” and the ride will be available to Odyssey members until August 13, 2023.
Additionally, Starbucks also announced that it will be donating $100,000 to Blessings in a Backpack, a nonprofit that is dealing with food insecurity among children as part of this launch.
Blend extends support for Azuki Elementals and Elemental Beans NFT
Blend, the NFT lending contract platform has extended support for Azuki Elementals and Elemental Beans NFT, allowing these two collections to participate in the auction feature. However, the 0.5% royalty fee on Blend has caused concern among users, leading to quick selling and missed opportunities.
The NFT Elementals collection, despite raising $38 million, was disappointing and depreciated significantly. Problems with the creation of the NFT caused the value of the Elementals collection to be underestimated, contributing to a 20% drop in Azuki’s floor price. This price drop also affects collections like CryptoPunks, Bored Ape Yacht Club, and others, causing them to drop between 18-33% over the past three days.
Exchange NFT Blur has been charged with suspicion of price fraud, raising concerns about integrity and interfering with the market.
Although the new collection has not changed much compared to the old one, the community decided not to change the background metadata for the Elementals collection.
