Yuga Labs Dominating NFT Market Share, With 35% of Sales
Bored Apes Yacht Club creator Yuga Labs is dominating the NFT market share, accounting for 35% of all NFT trading volume in the six months from October 2022 to March 2023 based on a new DappRadar report.
Yuga Labs owns the exclusive Bored Ape Yacht Club and the associated collections, Mutant Ape Yacht Club. Also in its collections is the metaverse game Land deeds Otherside. In 2022, Yuga Labs acquired CryptoPunks along with the Meebits NFT project IP from Larva Labs thereby solidifying its position as the top player in the NFT market.
Yuga Labs has been dominating the NFT space ever since it launch the Bored Ape Yacht Club and it isn’t showing any signs of slowing down.
The latest DappRadar report shows the NFT company accounting for 35% of all NFT sales between October 2022 and March 2023.
The report further shows that NFT projects that are either created or owned by Yuga Labs generated more than $2 billion worth of trading volume over the past two quarters, accounting for 34.6% of the total trading volume.
The DappRadar report notes and praises Yuga Labs’ commitment to delivering value and nurturing its NFT-holder community at a time when many other NFT projects are either quitting the market or performing below expectations.
The Bored Ape Yacht Club currently tops the NFT PFP market with a floor price of 51.45 ETH ($99,000). It is followed by CryptoPunks which has a floor price of 49.49 ETH ($95,150).
Yuga Labs’ Bored Ape Yacht Club (BAYC) was created as a collection of 10,000 NFTs on the Ethereum blockchain and was launched in April 2021. They have remained extremely popular ever since.
The BAYC hit a peak floor price of 152 ETH in April 2022, equivalent to $429,000 at the time. In just the past two quarters, the BAYC generated NFT sales worth $504 million. In second place was Mutant Apes which generated close to $483 million in NFT sales. The sales of the Otherside land deeds generated just over $322 million.
Yuga Labs also launched a collection of 300 generative NFTs on the Bitcoin network called TwelveFold that uses the Ordinals Inscription. At its initial auction, it generated sales amounting to $16.5 million. The DappRadar report also praised Yuga Labs for its support of its projects and associated communities.
Yuga Labs Entrenches Market Dominance
The success of NFT collections such as the Bored Ape Yacht Club has, in turn, powered a $1 billion borrowing industry, enabling holders to utilize their non-fungible tokens as collateral.
Yuga Labs also allows its NFT holders to create and sell derivative projects off their NFTs while at the same time defending intellectual property rights in court.
Yuga Labs recently won a legal suit against a copycat NFT collection dubbed RR/BAYC which was regarded as a parody of Yuga Labs NFT collection.
DappRadar notes that NFT enthusiasts and investors should watch Yuga Labs’ approach whereby it looks for projects that have a track record of fulfilling their promises together with a doxed team that ensures there is accountability in the NFT project.
Yuga Labs has already established a solid position as a dominant player in the NFT market. The company has been widely praised for its commitment to delivering value and its support for the NFT holder community.
Yuga Labs also has some of the most popular NFT collections like the Bored Ape Yacht Club, the Mutant Ape Yacht Club along with the Otherside metaverse game land deeds. These combined with its recent acquisition of major NFT collections like CRyptoPunks and Meebits mean that Yuga Labs will continue to be a dominant player in the NFT space into the foreseeable future.