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The floor price of the Bored Ape Yacht Club (BAYC) collection has dropped more than 50% since the beginning of this month, indicating that the nonfungible token (NFT) market has suffered as a result of the larger market decline.

On Wednesday, BAYC's floor price fell to $198,000, a 52 percent drop in dollar-denominated value from May 1, when the cheapest available Bored Ape cost $420,000. The poor market conditions also had an impact on the total number of BAYC sales, which fell by 117 percent week over week.

The NFT collection has only lost a little more than 30% of its value when measured in Ether (ETH), with the current floor price lying at 97.39 ETH.

The price of BAYC's partnered cryptocurrency ApeCoin (APE) has also dropped dramatically, with the token down about 70% since the introduction of Yuga Lab's metaverse project: Otherside.

Get your engines going!

IndyCar, Indianapolis Motor Speedway, and Team Penske have joined with Autograph, a Web3 company co-founded by Tom Brady, to offer an Indy 500-themed NFT collection.

The NFT collection, which was unveiled today, was created to commemorate the 106th Indianapolis 500, one of the world's most famous motor races, which will take place on Sunday, May 29.

The NFT collection is divided into three sections, each of which includes a valid Indianapolis 500 Race Day commemorative ticket, 33 additional special "mystery driver" cards, and a one-of-a-kind commemorative re-creation of the 1972 Indy 500 winning car.

Everyone who purchased a seat at the event will receive a complimentary race day ticket NFT, which will provide them access to special content throughout the race weekend.

The 'V1' CryptoPunks are approved

Following Yuga Labs' recent purchase of the CryptoPunks collection's intellectual property from Larva Labs, a previously discarded collection of CryptoPunks known as the "V1" collection has returned to OpenSea.

Larva Labs' first collection of CryptoPunks, released in 2017, was constructed on flawed code, and was swiftly dropped in favor of the now-iconic "V2" versions.

However, the CryptoPunks group produced a "wrapper" application at the end of last year that recovered abandoned V1 versions and transformed them into new NFTs, which sparked outrage.

The "wrapped" V1 collection did not sit well with the official CryptoPunk crew, who informed their 224,000 followers that "these are not official CryptoPunks."

Larva Labs immediately served OpenSea with a DMCA takedown notice, and the NFTs were removed. However, due to Yuga Labs' purchase, Larva Labs was no longer able to sustain their dispute, resulting in the claim expiring and the V1 Punks returning to OpenSea.

Loney Ape Ratio is 'Vastly Uneven'

Due to the massively unequal ratio of men to women who signed up for our waitlist, The Lonely Ape Yacht Club, an app meant to allow users to connect their crypto wallets and screen possible matches by the net worth of their NFTs, has failed to launch.

The software was created to be the first NFT-focused dating app, starting with BAYC NFTs, according to the Lonely Ape Yacht Club website.

Lonely Ape members will be able to "catch the attention of possible partners by sending them tips in crypto," according to the website, as well as display metrics such as "how long you have diamond handed your NFTs, personal net worth, and the value of their whole NFT portfolio."

The app was also supposed to have a "Coin Digger" feature that would allow non-BAYC owners to "connect with greater net worth persons for mutual benefit."

Other Interesting Information:

Meta, the parent company of social networking behemoth Facebook, is believed to be contemplating the development of a payments platform that will support cryptocurrencies, indicating a continuous push into the area of blockchain technology.

This week, 44 central bankers from around the world are meeting in El Salvador for a three-day conference to address a wide range of financial issues, including Bitcoin (BTC).

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