Mar. 17 NFT Recap | ApeCoin Reaches $2 Billion Traded on Launch

Top News Today:

• ApeCoin Releases Information

• Spotify Hiring for Web3

• GameStop NFT Marketplace

• Top NFT Movers

ApeCoin Reaches $2 Billion Traded on Launch

Yuga Labs released ApeCoin ($APE) this morning with the claim beginning at 9:00 a.m. Price volatility was crazy during the first hours of trading to noone's surprise. 

Jumping for a few trades to $39 the correction came hastily with the price dropping back to $7.75 within 30 minutes of launch. Since this morning $APE has hung around the $6-8 price range with upwards of $2 billion traded already. 

With Benji Bananas and upcoming metaverse Arcade already integrating ApeCoin into games, $APE has already established direct use cases. It will be interesting to see how Yuga Labs navigates the future implementations of ApeCoin which will be sure to follow with additional token sinks.  

For more information detailing the $APE supply and claim read our full breakdown here. 

Spotify Hiring for Web3

Spotify posted a job for a "Senior Manager, Innovation and Market Intelligence" who specializes in web3. Implying to be joining the list of tech giants entering the NFT space, the music platform is looking for an individual that can head its "Spotify Moonshots" initiative. 

The listing mentions how this manager should have familiarity with emerging trends "especially as it relates to the content, creator, media, web3, and emerging technology industries." 

As a music streaming platform, Spotify is taking notice of the growing amount of artists, musical or not, joining the NFT space. The growing trend could surely impact its future pertaining to its streaming business model, so it comes as no surprise they are looking to expand.

GameStop NFT Marketplace

GameStop announced that it intends to launch its NFT marketplace this July. In its year-end 2021 report, GameStop mentioned its partnership with Immutable X to launch the marketplace, which is expected to be released by the end of July. 

In addition to its help with releasing the NFT Marketplace, Immutable X is supplying GameStop with $150M in IMX tokens upon certain achievements. After reporting a loss in Q4, the stock continues to dip after the releases of this afternoon news. 

• Bored Ape Yacht Club and the whole Yuga family of NFTs has had a wild 24 hours. Reaching nearly 10,000 ETH traded, the floor had peaked above 100 ETH before the ApeCoin claim was announced. 

• Mutant Ape Yacht Club in a similar pattern to its counterpart, MAYC had peaked last night before a drop in floor price today hitting 7,500 ETH in volume. 

• Bored Ape Kennel Club taking the biggest hit of the three, down 22% in floor price after the claim, as the ApeCoin release has propelled the most volume seen in the NFT space in the month of March. 

• Check out Lucky Trader's full NFT project rankings here. 

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