Yuga Labs, the founder of the popular NFT collection Bored Ape Yacht Club, is still dominating the market. The latest report from DappRadar indicates that the firm accounted for about 35% of the total NFT sales over the last six months.
Besides Bored Ape Yacht Club, Yuga has created other projects, including the Otherside metaverse game and NFT collection Mutant Ape Yacht Club. In addition, the company acquired Meebit and CryptoPunk NFT projects from Larva Labs last year.
According to the DappRadar report, Yuga Labs’ projects collectively posted $2.1 billion in trading volume from last October through March. When releasing the report, DappRadar lauded Yuga Labs for not abandoning its projects and always supporting NFT holders, unlike other developers who have been rug-pulling their communities. The report shows that the $4 billion company is the most trusted NFT creator. That said, more people will likely be interested in buying Yuga Labs projects through secondary markets in the near future.
Yuga Labs NFT Projects’ Market Performance
The Bored Ape Yacht Club (BAYC) collection has the highest floor price ($99,500 or 51.5 ETH). CryptoPunks comes in second with $95,100 or about 49.48 ETH. Yuga Labs launched BAYC in March 2021 on the Ethereum blockchain. This NFT collection features 10,000 unique profile pictures. BAYC’s increased popularity saw the NFT project reach an All-time high floor price of nearly $430,000 last April.
BAYC generated $505 million in trading volume over the last six months, according to the Dappradar report. The Mutant Apes yielded the second-highest ($484 million), and Otherside land plots came in third with trades worth roughly $324 million.
Yuga Labs has been building its NFT projects on the Ethereum blockchain for a long time. However, the firm recently tried a new approach, launching a Bitcoin-based NFT collection dubbed TwelveFold, using the Ordinals protocol. Unlike other Yuga Labs’ projects, which all feature over 9,000 NFTs, TwelveFold only has 300.
While holders of Yuga Labs’ NFTs are allowed to create derivative projects, the firm recently moved to court to defend its intellectual property. Last Wednesday, Yuga Labs won a legal battle against Jeremy Cahen and Ryder Ripps, the artists who developed a copycat collection of BAYC.
Who’s behind BAYC?
Meanwhile, DappRadar urges investors only to inject funds into NFT projects with doxed developers, arguing that it helps ensure accountability.
BuzzFeed investigation revealed the identity of the two BAYC creators last year. The duo, Greg Solano and Wylie Aronow, have appeared more in public forums ever since.
The growing popularity of their Bored Ape Yacht Club collection has led to the emergence of an industry that seeks to enable the holders of the pricey NFTs to borrow funds against their digital art. Some of the lending protocols include Paraspace and NFTfi.
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