Yuga Labs, the digital asset incubation studio, has officially unveiled its long-awaited blockchain network, ApeChain, in collaboration with the ApeCoin DAO. This optimistic news has caused a substantial surge in the trading volume of its associated digital assets, notably the Bored Ape Yacht Club and Mutant Ape Yacht Club. In just 24 hours, sales volume for both Bored Ape and Mutant Ape NFTs surged by over 300% following the announcement.
Source: CryptoSlam.io, NFT Trading Activity by Daily Sales Volume
Bored Ape NFTs See +300% Increase in Daily Sales Volume
Data gathered by CoinMarketCap.com, a leading price-tracking resource for cryptocurrency and non-fungible tokens in the rapidly expanding crypto landscape, reveals that the Bored Ape NFT market is buzzing with new vitality. The debut of ApeChain is fueling this remarkable market rebound. In the past day, the Bored Ape Yacht Club NFTs recorded trading sales exceeding 600 ETH, making it the top-selling NFT collection.
Source:CoinMarketCap.com, NFT trading activity by sales volume
The Bored Ape Yacht Club, launched in April 2021, is a collection of non-fungible tokens created by Yuga Labs, the same team behind the newly introduced ApeChain. This NFT collection features a limited series of 10,000 ape profile images hosted on the Ethereum blockchain. The Bored Ape Yacht Club NFT has quickly become one of the most sought-after collections in the NFT market.
If you’re interested in building on ApeChain, please reach out. I would love to explore how we can collaborate.
Games, NFTs, and exciting projects
Let’s make ApeChain the most incredibly creator-centric chain pic.twitter.com/XrWVvhEYdd
— Garga.eth (Greg Solano) (@CryptoGarga) October 20, 2024
Similarly, the Mutant Ape Yacht Club, another NFT collection from Yuga Labs, has also reacted enthusiastically to the launch of the ApeChain network. Over the past day, the Mutant Ape Yacht Club NFTs experienced a staggering 1000% increase in trading volume, reaching nearly $1 million shortly after the ApeChain announcement. The floor price of its NFTs has risen and maintained stability above 2 ETH.
APECHAIN pic.twitter.com/C7JpI7IcxH
— beeple (@beeple) October 20, 2024
LayerZero Introduces Support For The New ApeChain Network
The Yuga Labs team rolled out the ApeChain during the ApeFest2024 annual NFT event in Lisbon, Portugal. This latest blockchain network has received a positive response from the crypto community and beyond. LayerZero has integrated ApeChain as its official interoperability provider. Built on Arbitrum, the new ApeChain fuels the ApeCoin ecosystem with APE serving as its native gas token.
LayerZero is now live on the ApeChain mainnet as its official interoperability provider!
ApeChain, constructed on @Arbitrum, powers the ApeCoin ecosystem using APE as its primary gas token. Integrated with LayerZero’s OFT standard, APE provides seamless cross-chain transfers, enhancing its overall utility… https://t.co/wlhh8PIkQn pic.twitter.com/vTm5NThjkZ
— LayerZero (@LayerZero_Core) October 20, 2024
With the new integration, ApeChain aims to utilize LayerZero’s OFT standard to facilitate smooth cross-chain transfers, thereby boosting functionality across numerous blockchain networks while ensuring transactions are scalable and efficient. ApeChain will prioritize ecosystem exploration, unique Web3 functionalities, and optimizing user experiences for both developers and users alike.
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