Yuga Labs, the creator of the popular Bored Ape NFT collection, has emerged as a dominant force in the NFT marketplace, capturing a 35% share of all NFT sales. The Bored Ape collection has taken the world by storm, attracting the attention of collectors and investors alike. Yuga Labs has leveraged the popularity of its NFTs to secure a significant market share, cementing its position as a leading player in the fast-growing NFT space. As interest in NFTs continues to soar, Yuga Labs is poised to play a key role in shaping the future of digital asset ownership and trading.
Yuga Labs Takes Over NFT Market with Bored Ape Yacht Club
Yuga Labs, the creator of the Bored Ape Yacht Club, has been dominating the NFT market. According to DappRadar, Yuga Labs accounts for nearly 35% of all NFT trading volume over the six-month period from October 2022 through March 2023. In addition to the Bored Ape Yacht Club, the company owns other projects, including Mutant Ape Yacht Club and Otherside metaverse game land deeds. Yuga Labs acquired the CryptoPunks and Meebits NFT project IP from original creator Larva Labs in 2022.
Yuga’s created or owned projects collectively generated more than $2 billion worth of trading volume over the last two quarters combined, according to the report, representing 34.6% of total market volume during that span.
The Bored Ape Yacht Club is a collection of 10,000 profile pictures minted as NFTs on the Ethereum blockchain. It quickly gained popularity, reaching a peak floor price of 152 ETH (about $429,000 then) in April 2022, ahead of the launch of Otherside land plots. BAYC yielded $504 million worth of NFT sales over the past two quarters, the Mutant Apes nearly matched that tally at nearly $483 million, and Otherside land deeds yielded over $322 million worth of trades.
Yuga Labs also launched TwelveFold, a collection of 300 generative “NFTs” on the Bitcoin network using Ordinals Inscription. The initial auction yielded some $16.5 million in sales.
Bored Ape Yacht Club has even launched a cottage industry of borrowing money against NFTs—a now $1 billion space. Yuga Labs has emerged as a leading example of commitment to providing value and nurturing its NFT holder community.
The popularity and value of NFT collections like Bored Ape Yacht Club have led Yuga Labs to defend its intellectual property (IP) in court. The company won a “landmark legal victory for Web3” last week against artist Ryder Ripps and ally Jeremy Cahen. The pair had launched a copycat collection of the 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.
In conclusion, Yuga Labs has made a significant impact in the NFT market, particularly with their Bored Ape Yacht Club collection, which has gained tremendous popularity and value. In addition, they have acquired other IP projects and launched a collection on the Bitcoin network. Their commitment to providing value to their NFT holder community and defending their IP have made them an industry leader. Investors and enthusiasts should keep an eye on Yuga Labs for future NFT projects.