APE holders could expect some bulls their way thanks to this NFT detail
- The attention on Otherdeeds and other NFT collections impacted ApeCoin positively
- Otherdeeds for Otherside NFT collection collected most revenue through royalties
Otherdeeds for Otherside, a popular NFT collection from the Yuga Labs cohort, topped the charts in terms of revenue collected through royalties.
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ApeCoin boasts of NFT royalty
The Otherdeeds collection collected $49.9 million through royalties over the year, outperforming many other NFT collections. Other collections, such as BAYC and MAYC collected $32.3 million and $25.6 million in revenue, respectively.
The growing revenue generated by these collections indicated the successful year these NFT collections had despite the bear market. According to data provided by NFT GO, the floor prices of both BAYC and MAYC grew over the past 30 days.
Over the previous month, the floor price for BAYC climbed by 9.76%. The floor price of MAYC also increased by 27.71% during that time.
But that was not all. Yuga Labs’ NFT collections saw improvements in terms of volume and sales as well. According to data provided by Dapp Radar, the volume of the Otherdeed collection increased by 42.9% over the last 30 days.
The number of sales made by the NFT also increased by 118% during the same period. This increase in sales was one reason why this collection could generate a lot of revenue.
The popularity of these NFT collections ended up having a favorable effect on the APE token.
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Whales began to show increased interest in the APE token over the last month. This was indicated by the growing percentage of APE that was being held by large addresses. The interest from whales helped APE’s price, as it moved in a positive direction.
The activity of the APE token increased during this period as well. The daily active addresses on the network grew from 2622 to 3233 over the last two weeks. Another indicator of growing activity was the surge in velocity. An increasing velocity suggested that the frequency at which APE was being traded increased.
It is yet to be determined whether APE continued to move in a positive direction and if it could capitalize on the growth of the associated NFTs.
At the time of writing, APE was trading at $4.15. Its price increased by 4.14% until press time, according to CoinMarketCap.