Is Yuga Labs responsible for these changes in the NFT landscape? Details inside…
- Yuga Labs is driving growth in the Ethereum NFT market.
- Mutant Ape Yacht Club, BAYC sees an increase in NFT volume and sales.
According to data provided by Dune Analytics, there was a significant increase in the number of Ethereum [ETH] NFT has traded in recent months. One possible reason for this growth is the success of Yuga Labs, a company that is taking up much of the Ethereum NFT market.
Source: Dune Analytics
Read Apecoins [APE] Price prediction 2023-2024
Boring monkeys who run the NFT room
According to Dune Analytics data, Yuga Labs’ NFTs took 22.8% of the total crypto market. This makes 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 in recent months. This may be a sign of MAYC’s growing popularity and demand.
Source: Dune Analytics
Another NFT collection from Yuga Labs that saw success was the Bored Ape Yacht Collection [BAYC]. In the past month, volume for BAYC increased by 22.3% and the number of BAYC NFT sales increased by 3.4%, according to data provided by DappRadar.
At the time of writing, the total 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 increase in Ethereum NFT trades.
However, not all NFTs from Yuga Labs saw success. Data from OpenSea showed that volume and sales for Crypto Punks, another NFT from Yuga Labs, decreased over the past seven days. Volume for the Crypto Punks collection fell by 15% and total sales fell by 2% in the last week.
Source: OpenSea
The success of Yuga Labs’ NFTs could also have an impact on ApeCoin [APE]the original token for BAYC and MAYC.
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“Whaling and “monkey” …
It appeared that whales, or large holders of APE, showed interest in the token. According to data provided by Santiment, the share of APE held by large addresses has increased significantly over the past month.
However, network growth for APE slowed down, which may indicate that ApeCoin was unable to generate interest from new addresses.
Another alarming factor for Apecoin would be the declining stake rewards given to holders. According to data from Dune Analytics, stake rewards for APE have dropped tremendously in the past month. This may affect the interest in ApeCoin from the market.
Source: Sentiment
At the time of writing, APE’s price has grown by 3.20% in the last 24 hours and is 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.
