When BAYC creator Yuga Labs debuted its hype-laden metaverse challenge earlier this 12 months, it bought land rights as NFTs for about $7,000 every (consumers paid 1000’s extra in gasoline charges). Now, with a lot of the joy drained from crypto markets, they’re fetching about 1.25 ETH, or roughly $1,600 at present market costs. Earlier than right this moment’s crash, the challenge had held its 1.65 ETH flooring for the previous three weeks amid ETH’s personal bottoming out within the $1,200-to-$1,300 vary.
