KEY POINTS
Yuga Labs’ flagship collection, Bored Ape Yacht Club (BAYC), has expanded into the world of 3D models, breathing new life into its non-fungible tokens (NFTs).
The announcement came on April 24 via X (Twitter), coinciding with the third anniversary of the collection. “Bring your Apes to life,” the post read, outlining the process for holders to turn their NFTs into 3D models through the official BAYC website.
Accessible from the holdings page on the website, users can select any of their NFTs and opt to download it in 3D, available in various formats, including FBX, GLB, and Blender.
Community members have immediately taken to X, sharing images and brief animated clips showcasing their animated Apes in various scenarios.
For example, a user known as @badte_eth on X shared a video of his Ape skateboarding.
Another user, @babyape113, shared a clip of his Ape dancing.
This move appears to be part of the project’s efforts to foster community engagement and offer new avenues for NFT holders. However, recent months have been challenging for the collection, with the floor price plummeting to 11.08 ETH last month, marking its lowest point since August 2021.
According to DappRadar, trading volume for the collection has decreased by 25% in the last 30 days, with a significant 47% drop in sales over the past 24 hours.
These challenges have prompted Yuga Labs to make strategic decisions in recent weeks, including a restructuring that involved employee layoffs. The company cited a need to refocus its efforts and streamline operations for the future.
Yuga Labs is not alone in facing such challenges. Reports indicate that eBay, which acquired the NFT marketplace KnownOrigin in June 2022, also downsized its workforce, with a speculated 30% reduction. Similarly, in November 2023, Opensea underwent its own downsizing measures.
The NFT market endured a difficult 2023, characterized by downturns and legal uncertainties. Several projects, including major players like GameStop and Starbucks, abandoned their NFT initiatives amidst the shifting landscape.
