Chinese sports brand Li Ning made waves in the NFT sector after announcing the launch of their Bored Ape Yacht Club (BAYC) NFT line. Featuring the Bayc #4102 image, Li Ning will be the first in the Chinese NFT market to use the Bayc image. This move by the company is geared towards bridging the gap between Web2.0 and Web3.0, as well as elevating the country’s ventures in NFT.
On Thursday, Mutant Ape Yacht Club (MAYC) and Bored Ape Kennel Club (BAKC) collections saw a major boost in trading volume on non-fungible token (NFT) marketplace OpenSea. MAYC, a 19,439-edition extension of the Bored Ape NFT ecosystem, was in the top spot on OpenSea, registering a 13% bump in the past 24 hours. On the other hand, BAYC saw a 237% increase in trading volume in 24 hours, with its floor price hovering around 78 ETH ($111,000). BAKC, too, saw a 46% boost in the past day, with its floor price, standing at 9.1 ETH (about $13,000).
The recent surge comes after parent company Yuga Labs announced the release of a “Sewer Pass” NFT mint that could be claimed by existing holders of BAYC or MAYC NFTs. Holders of BAKC NFTs can pair their pet with a BAYC or MAYC NFT, which enables them to access the game called Dookey Dash. Through this game, Sewer Pass holders will have to reach a score of 0 to transform Sewer Passes into a mysterious power source.
Aside from this, Li Ning is collaborating with watchmakers Timex to release 500 watches featuring the owners’ BAYC or MAYC NFT on the dial. However, due to the initially high minting price of 1.5 ETH, it received heavy criticism from the community. The exchange rate of the NFT watch stands at around 17.5 ETH and 78 ETH respectively.
These developments come amid heightened activity in the metaverse, with high-end fashion brands engaging in their own NFT game. Some of the big-ticket names include Gucci, Dolce & Gabbana, Tiffany & Co., Moncler, Burberry and Rolex, who have filed a trademark for the NFT and NFT marketplaces. It is speculated that Rolex is protecting itself from infringement on the metaverse and NFT projects, or intends to build on the sector too.
To add to the excitement, 9GAG social media platform from Memeland has been loading up on high-priced BAYC NFTs, spending close to 800 ETH to purchase eight BAYC NFTs in total. The most expensive of the eight was BAYC 2059, costing 132.7 ETH, or around $215,000. The Memeland address holds a value of 5,900 ETH, or around $9.6 million.
Over the past week, BAYC has been the top-selling NFT collection with a weekly volume of $26 million. Otherdeed is the closest non-BAYC contender, with $17.5 million in secondary sales. Ethereum remains the top network for NFT activity, with $195 million in sales over the past week.
So, with Li Ning launching their Bayc #4102 products into the NFT market, the industry looks poised to witness further growth in the coming days. With many big-ticket fashion brands engaging in the sector, we can expect the metaverse to go through a period of a major transformation.