Connect with us
Active Currencies 14909
Market Cap $2,542,053,255,617.00
Bitcoin Share 51.60%
24h Market Cap Change $2.91

Is Yuga Labs responsible for these changes in the NFT landscape? Details inside…

2min Read

Share this article

  • 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.

Source: Dune Analytics


Read Apecoin’s [APE] Price Prediction 2023-2024


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.

Source: Dune Analytics

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.

Source: OpenSea

The success of Yuga Labs’ NFTs may also have an impact on ApeCoin [APE], the native token for BAYC and MAYC.


Are your APE holdings flashing green? Check the profit calculator


‘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.

Source: Santiment

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.

Share

Saman Waris works as a News Editor at AMBCrypto. She has always been fascinated by how the tides of finance and technology shape communities across demographics. Cryptocurrencies are of particular interest to Saman, with much of her writing centered around understanding how ideas like Momentum and Greater Fool theories apply to altcoins, specifically, memecoins. A graduate in history, Saman worked the sports beat before diving into crypto. Prior to joining AMBCrypto 2 years ago, Saman was a News Editor at Sportskeeda. This was preceded by her stint as Editor-in-Chief at EssentiallySports.
Read the best crypto stories of the day in less than 5 minutes
Subscribe to get it daily in your inbox.
Please check the format of your first name and/or email address.

Thank you for subscribing to Unhashed.