What’s in store for APE with Yuga Labs and its latest NFT acquisition
- Yuga announced the acquisition of WENEWS, the creator of 10KTF
- 10KTF saw sales volume increase as a result of the announcement
While Bored Ape Yacht Club [BAYC] collection is perhaps what brings Yuga Labs most attention, the company’s recent actions against other plans suggested. Early in 2022, Yuga Labs bought Crypto Punks, another popular NFT collection.
However, the company announced that it had acquired WENEW, the company behind the equally successful 10KTF series. The acquisition of WEEW and 10KTF was announced by Yuga Labs via a tweet posted on November 14.
Today we are pleased to welcome you @wenewlabs and @10ktfshop team to Yugaverse. Together, we will push the boundaries of where the metaverse meets reality through creative storytelling and immersive experiences. Read more about the news here:
— Yuga Labs (@yugalabs) 14 November 2022
Michael Figge, the co-founder of WENEW, would join Yuga Labs as its new Chief Content Officer as part of the startup’s acquisition. Also, Mike “Beeple” Winkelmann, another co-founder known for his 1:1 art collections, would work with the Yuga team as an advisor.
NFTs on the radar of many?
With the help of a fictional “digital artisan” named Wagmi-san, Profile Picture (PFP) project owners can have their own Non-Fungible Token (NFT) artwork customized with clothing designed just for the project. This NFT project, known as 10KTF, is story driven. Furthermore, those who own PFP artwork can also have the physical version made for them.
The number of sales of 10KTF showed an increasing trend after the announcement by Yuga Labs, according to data collected from NonFungible. Looking at the sales graph, it turned out that 43 sales totaled just over $16,000. This number was the highest ever recorded until the November 14 announcement. The amount increased to 695, worth more than $400,000. The number of sales had passed 700 when this was written.
A quick look at the statistics
Additionally, a glance at the wallet statistics for the active market revealed that it had grown by almost 3% in the last 24 hours. The proportion of unique buyers and sellers had increased by almost 3% and 1% respectively. In accordance data from Cryptoslam, sales transactions increased by more than 2500% in the previous 24 hours.
ApeCoin and its holders may be among the beneficiaries of this Agreement. Due to its status as the original token for the various Yuga Lab projects, the value of APE may increase. This would happen as more of these projects would be onboarded and more benefit unlocked.
Source: TradingView
However, the latest for the performance of the asset was a decline, as seen by a glance at the APE on a daily time scale. Due to the decline, a new support line was visible between $2.8 and $2.6. The resistance could still be between $4.8 and $5.2, despite its decline. APE was down more than 1% in the trading period observed at the time of writing, trading at about $2.8.
