BAYC Floor Price Skyrockets, Transaction Volume Surges Following 'Otherside' Metaverse Announcement

The floor price of Bored Ape Yacht Club (BAYC) NFT skyrocketed and its transaction volume surged after blockchain company Yuga Labs announced the release of the Metaverse dubbed "Otherside."

The Bored Ape yacht Club NFT is one of the most expensive and highly popular digital collectibles and has seen unprecedented growth since its first NFT minting began on April 23, 2021. At the time, the floor price was 0.08 ETH, but a year later, the floor price has zoomed to 137 ETH following the official announcement of the release date of "Otherside."

Along with the surge in the floor price, BAYC transaction volume soared by 22% within 24 hours following the announcement. The specifics about the usage of Bored Ape Yacht Club NFT in the new metaverse have not been revealed, but holders anticipate a significant value jump on their Non-Fungible Tokens as "Otherside" begins rolling.

The latest information on the floor price of BAYC came from a crypto reporter who goes by the name WuBlockchain who also shared the spike in the floor price and transaction volume of the side project of BAYC, the Mutant Ape Yacht Club.

"With the official announcement of the metaverse project Otherside, the floor price of BAYC reached a new high of 137 ETH, and the transaction volume increased by 22% in 24 hours. MAYC 24-hour traders rose 86% and floor prices rose 11%," the reporter noted.

In essence, Floor Price is the lowest price for digital collectibles and unlike the average item price, it is updated in real-time. It is also referred to as Entry Price since it is the required amount one should spend to be a part of a project.

The metaverse initiative of the Bored Ape Yacht Club "Otherside" was launched on March 19 with a short video providing a sneak peek of the upcoming metaverse. Since the launch, the metaverse's Discord group has reached more than 131,000 members.

ApeCoin is the governance token that powers the "Otherside" metaverse. It was trading down 4.37% at $0.0285 with a 24-hour volume of $361 as of 12:41 a.m. ET on Monday,, according to data from CoinMarketCap.