Yuga Labs Dominates NFT Market, Raking in 35% of Sales

Yuga Labs has taken over the NFT market! Significantly, the company accounts for nearly 35% of all NFT trading volume from October 2022 to March 2023, per a DappRadar report. Besides the popular Bored Ape Yacht Club, Mutant Ape Yacht Club, and Otherside metaverse game land deeds, Yuga Labs also acquired CryptoPunks and Meebits NFT project IP from Larva Labs in 2022. This has solidified Yuga Labs’ position as a key player in the NFT space, with no signs of slowing down. Let’s dive in!

Yuga Labs Takes the NFT Market by Storm: A DappRadar Report

Yuga Labs, the creator of Bored Ape Yacht Club, has been dominating the NFT market. According to a DappRadar report, the company accounts for nearly 35% of all NFT trading volume from October 2022 to March 2023. Furthermore, the NFT projects created or owned by Yuga Labs generated over $2 billion worth of trading volume in the last two quarters combined, representing 34.6% of the total market volume. In the report, DappRadar praised Yuga Labs for its commitment to providing value and nurturing its NFT holder community. Meanwhile, some other projects have abandoned development or failed to meet expectations. The Bored Ape Yacht Club leads the NFT PFP market, followed by CryptoPunks, with a floor price of 51.45 ETH ($99,000) and 49.49 ETH ($95,150), respectively.

Yuga Labs created the Bored Ape Yacht Club as a collection of 10,000 NFTs on the Ethereum blockchain. Since its launch in April 2021, BAYC has been wildly popular. The peak floor price was a huge 152 ETH (about $429,000 then) in April 2022. BAYC generated $504 million worth of NFT sales over the past two quarters. This was followed by Mutant Apes at nearly $483 million, and Otherside land deeds at over $322 million. Yuga Labs also launched TwelveFold. This is a collection of 300 generative NFTs on the Bitcoin network using Ordinals Inscription. Significantly, it generated $16.5 million in sales in its initial auction. Moreover, the report also praised Yuga Labs for supporting its projects and associated communities.

The Dominant Player with No Signs of Slowing Down!

The popularity of NFT collections like Bored Ape Yacht Club has spurred a $1 billion borrowing industry. This allows holders to use their NFTs as collateral. Significantly, Yuga Labs enables its NFT holders to create and sell derivative projects. But, it also defends its intellectual property in court. The company recently secured a legal victory against a copycat collection called RR/BAYC, which was considered a parody of Yuga’s project. According to DappRadar, investors and enthusiasts should take note of Yuga Labs’ approach. Notably, it seeks out projects with a track record of fulfilling their promises and a doxed team to ensure accountability.

Ultimately, Yuga Labs has firmly established itself as a dominant player in the NFT space. Many have praised the company’s commitment to providing value and supporting its NFT holder community. With popular collections like Bored Ape Yacht Club, Mutant Ape Yacht Club, and Otherside metaverse game land deeds, as well as its recent acquisition of CryptoPunks and Meebits IP, Yuga Labs shows no signs of slowing down!

The post Yuga Labs Dominates NFT Market, Raking in 35% of Sales appeared first on NFT Evening.