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

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. 

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  • 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


  • Disclaimer: Lucky Trader is not a registered investment advisor. You understand that the service is furnished for your personal noncommercial, information, purpose only. No mention of an NFT in the service constitutes as a recommendation to buy, sell, or hold that or any other NFT. Nothing within the service shall, or is intended to, constitute financial, legal, accounting, or tax advice. Any decision that you make to buy, sell, or hold an NFT should be based on an assessment of your risks in consultation with your personal advisers. 

More about Bored Ape Yacht Club

Arguably the most successful NFT project, the Bored Ape Yacht Club (BAYC), is a collection of 10,000 uniquely generated bored apes that are stored on the Ethereum blockchain. Launched on April 23, Bored Ape Yacht Club had a mint price of 0.08 ETH and the collection sold out on April 30, 2021. Since its launch, the project has dropped multiple companion collections including Bored Ape Kennel Club, Mutant Ape Yacht Club, and Otherdeed for Otherside, and has helped onboard a number of high profile and celebrity collectors to the NFT ecosystem.

Disclaimer: The author or members of the Lucky Trader staff may own NFTs discussed in this post. Furthermore, the information contained on this website or the Lucky Trader mobile application is not intended as, and shall not be understood or construed as financial advice.
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