Bear market delays BAYC band’s first NFT drop
The developers will announce a new date for the postponed NFT launch soon
The launch of the first NFTs featuring BAYC ‘band’ Kingship has been delayed. The developers say they are planning a new roadmap and launch date for the NFT drop.
The team behind the first-ever NFT music group – which is composed of four Bored Ape Yacht Club (BAYC) NFTs, and was the brainchild of music giant Universal Music Group – said the new date could be announced in the next few hours.
“Just a safety reminder… NO MINT today! Do not click any links claiming to be the KINGSHIP mint. Be safe! New mint date and Map next week,” tweeted the Kingship developers on Sunday 14 May 2022.
The network had previously said it has put the release on pause, as the community seemed not to be ready.
“Out of deep respect for our community, KINGSHIP made the tough call to pause our release. We’re ready to go, but we want our community to be too. In the meantime, you can still register for allowlist and we will continue building the best group, product, and experience for you,” tweeted the band’s developers on Saturday 13 May 2022.
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The downward spiral
Had it gone ahead as planned, the NFT release would have come in the middle of a bearish spiral for the crypto market – one from which NFTs have not been spared – that was triggered by the algorithmic stablecoin TerraUSD (UST) de-pegging from the US dollar.
“Bear markets are no fun, which stands for all aspects of traditional finance and the crypto space. Unfortunately, NFTs are also taking a hit, despite some of them being used as possible hedge options when crypto tokens are crashing,” said DappRadar experts.
“The main reason for the [Kingship] delay hides in the unfavourable market conditions the crypto space is going through currently,” they added.
According to Delphi Digital analysts, Google searches for ‘NFT’ have also fallen back considerably since spiking in January this year, “with no signs of a new uptrend yet”.