Is Yuga Labs responsible for these changes in the NFT landscape? Details inside…
- Yuga Labs drives growth in the Ethereum NFT market.
- Mutant Ape Yacht Club, BAYC see an increase in NFT volume and sales.
According to data provided by Dune Analytics, there was a significant spike in the number of Ethereum [ETH] NFT trades over the last few months. One potential reason for this growth is the success of Yuga Labs, a company that takes up much of the Ethereum NFT market.
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Bored Apes headlining the NFT space
According to Dune Analytics data, Yuga Labs’ NFTs captured 22.8% of the overall crypto market. Thus, making it a major player in the industry.
A standout NFT from Yuga Labs is the Mutant Ape Yacht Club [MAYC], which saw its floor price increase over the past few months. This could be a sign of MAYC’s growing popularity and demand.
Another NFT collection from Yuga Labs that observed success was Bored Ape Yacht Collection [BAYC]. In the past month, the volume for BAYC increased by 22.3% and the number of sales of the BAYC NFT grew by 3.4%, according to data provided by DappRadar.
At the time of writing, the overall volume for BAYC was $19.16 million. This indicated that BAYC was a popular choice among NFT collectors and traders and could have contributed immensely to the rise in Ethereum NFT trades.
However, not all NFTs from Yuga Labs saw success. Data from OpenSea showed that the volume and sales for Crypto Punks, another NFT from Yuga Labs, declined in the last seven days. The volume for the Crypto Punks collection declined by 15% and the overall sales fell by 2% over the past week.
The success of Yuga Labs’ NFTs may also have an impact on ApeCoin [APE], the native token for BAYC and MAYC.
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‘Whale’ing and ‘Ape’ing…
It appeared that whales, or large holders of APE, were showing interest in the token. According to data provided by Santiment, the percentage of APE being held by large addresses increased significantly over the past month.
However, network growth for APE decreased, which could indicate that ApeCoin wasn’t able to generate interest from new addresses.
Another alarming factor for Apecoin would be the declining staking rewards being provided to holders. According to data from Dune Analytics, staking rewards for APE declined immensely over the past month. This could impact the interest in ApeCoin from the market.
At the time of writing, APE’s price grew by 3.20% in the last 24 hours and was trading at $4.81. It remains to be seen how the success of Yuga Labs’ NFTs will continue to impact the Ethereum NFT market and the state of APE.