Yuga Labs, the creator of the Bored Ape NFTs, has taken over a significant portion of the NFT market with a share of 35%.
Bored Ape Creator Yuga Labs Dominates NFT Sales With 35% Share
According to a recent report by DappRadar, Yuga Labs, the creator of Bored Ape Yacht Club, continues to dominate the NFT market, holding almost 35% of all NFT trading volume from October 2022 to March 2023.
Yuga Labs not only created Bored Ape Yacht Club and its associated collections, but also acquired the CryptoPunks and Meebits NFT project IP from Larva Labs in 2022. Collectively, Yuga’s projects generated over $2 billion in trading volume in the last six months, accounting for 34.6% of the total market volume during that period.
In its report, DappRadar commended the $4 billion startup for its support of its projects and their associated communities, which could be reasons why people continue to invest in these projects through secondary sales.
The report highlights that while some projects have abandoned their communities, reneged on promises, or failed to meet expectations, Yuga Labs has become a prominent example of commitment to providing value and nurturing its NFT holder community.
Among the NFT profile picture market, the Bored Ape Yacht Club holds the top position with a floor price of 51.45 ETH (equivalent to around $99,000), followed by CryptoPunks at 49.49 ETH ($95,150).
Bored Ape Yacht Club (BAYC) is a collection of 10,000 profile pictures minted as NFTs on the Ethereum blockchain, launched in April 2021. It quickly gained popularity and reached a peak floor price of 152 ETH (approximately $429,000 then) in April 2022, just before the launch of Otherside land plots.
The DappRadar report notes that BAYC generated $504 million worth of NFT sales over the past six months, with the Mutant Apes collection almost matching that tally at nearly $483 million, and Otherside land deeds yielding over $322 million worth of trades. In February, Yuga Labs also launched TwelveFold, a collection of 300 generative NFTs on the Bitcoin network using Ordinals Inscription. The initial auction resulted in sales of around $16.5 million.
NFT collections such as Bored Ape Yacht Club have become so popular and valuable that a new industry has emerged where people borrow money against their NFTs, now valued at $1 billion.
While Yuga Labs allows NFT holders to create and sell derivative projects and products, the company has also taken steps to protect its intellectual property (IP) through legal means.
Recently, Yuga Labs secured a “landmark legal victory for Web3” when a federal judge ruled in favor of the company in a case against artist Ryder Ripps and Jeremy Cahen, who had launched a copycat collection called RR/BAYC as a parody of Yuga’s Bored Ape Yacht Club.
“Investors and enthusiasts should take note of Yuga Labs’ approach, seeking out projects with a track record of fulfilling their promises and a doxed team to ensure accountability,” DappRadar added.
In a BuzzFeed investigation conducted early last year, the identities of two of the pseudonymous creators of the Bored Ape Yacht Club were revealed.
Since then, Wylie Aronow and Greg Solano have gradually become more public and even appeared on Decrypt’s gm podcast in October to discuss their work. Aronow likened their journey to that of a garage band that has achieved success, and he expressed a desire to maintain their authenticity. As such, they are selective about interviews and PR, as Aronow believes that it could make them appear too much like rock stars.
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About DappRadar
DappRadar is a website and analytics platform that provides data and insights into decentralized applications (dApps) that run on blockchain networks such as Ethereum, Binance Smart Chain, and Polygon.
The platform tracks and analyzes a wide range of dApps, including decentralized exchanges, gaming applications, and non-fungible token (NFT) marketplaces. Users can view metrics such as transaction volume, user activity, and token prices, as well as compare dApps across different networks.
DappRadar aims to provide transparency and visibility into the rapidly evolving world of decentralized applications, enabling users to make informed decisions about which dApps to use and invest in.
References
www.yuga.com
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