Crypto News

Bored Ape Yacht Club Dominates NFT Market, Generating $2B in Trading Volume

Published by
Nonhlanhla P Dube
  • Yuga Labs dominates the NFT market, accounting for nearly 35% of all NFT trading volume over the six-month period from October 2022 to March 2023.
  • Yuga Labs acquired the CryptoPunks and Meebits NFT project IP from original creator Larva Labs in 2022, boosting its presence in the NFT market.
  • The popularity and value of Yuga’s NFT projects, such as the Bored Ape Yacht Club, have generated over $2 billion in trading volume and attracted buyers and investors from all over the world, cementing Yuga’s position as a leader in the NFT space.

According to a new report by DappRadar, Yuga Labs, the creator of the Bored Ape Yacht Club, continues to dominate the NFT market, accounting for nearly 35% of all NFT trading volume over the six-month period from October 2022 to March 2023. This is an impressive feat, considering the rapid growth of the NFT market and the competition from other established players in the space.

Yuga Labs acquired the CryptoPunks and Meebits NFT project IP from original creator Larva Labs in 2022, in addition to the Bored Ape Yacht Club and its associated collections, including the Mutant Ape Yacht Club and Otherside metaverse game land deeds. The acquisition of these projects has significantly boosted Yuga’s presence in the NFT market, and has helped establish the company as a major player in the space.

According to the report, Yuga’s created or owned projects generated more than $2 billion in trading volume over the last two quarters combined, accounting for 34.6% of total market volume during that time period. This is a testament to the popularity and value of Yuga’s projects, which have continued to attract buyers and investors from all over the world.

DappRadar praised the $4 billion startup for its support of its projects and associated communities, speculating on possible reasons why people would continue to invest in the projects through secondary sales. The report noted that, unlike some projects that have “rug-pulled” their communities, abandoning development or reneging on promises made to holders, Yuga Labs has emerged as a leading example of commitment to providing value and nurturing its NFT holder community. This has helped build trust and loyalty among Yuga’s community members, who continue to support and invest in the company’s projects.

The NFT profile picture (PFP) market is led by the Bored Ape Yacht Club, which has a floor (or low-end secondary market) price of 51.45 ETH ($99,000), followed by CryptoPunks at 49.49 ETH ($95,150). These prices highlight the premium that buyers are willing to pay for high-quality NFT projects like those created by Yuga Labs.

The “blue chip” Bored Ape Yacht Club (BAYC), which was launched in April 2021, is a collection of 10,000 profile pictures minted as NFTs on the Ethereum blockchain. It quickly gained traction, reaching a peak floor price of 152 ETH (approximately $429,000 at the time) in April 2022, just before the launch of Otherside land plots. According to the report, BAYC generated $504 million in NFT sales over the last two quarters, Mutant Apes generated nearly $483 million, and Otherside land deeds generated over $322 million. These figures demonstrate the immense value and popularity of Yuga’s projects, which have become some of the most sought-after NFT collections in the world.

In addition to the Ethereum network, Yuga Labs launched TwelveFold in February, a collection of 300 generative “NFTs” on the Bitcoin network that use Ordinals Inscription. The first auction netted $16.5 million in sales, further cementing Yuga’s position as a leader in the NFT space.

The popularity and value of NFT collections such as Bored Ape Yacht Club have even spawned a cottage industry of borrowing money against NFTs, which is now worth $1 billion. This trend has been particularly evident in South Africa, where NFT lending platforms have seen a surge in demand from investors looking to leverage their NFT holdings.

NFT ProjectTrading Volume (last 6 months)Percentage of Total Market VolumeYuga Labs$2 billion34.6%Bored Ape Yacht Club$504 million-Mutant Ape Yacht Club$483 million-Otherside land deeds$322 million.

Table 1:Top NFT Projects by Trading Volume (October 2022 – March 2023)

NFT ProjectTrading Volume (last 6 months)Percentage of Total Market Volume
Yuga Labs$2 billion34.6%
Bored Ape Yacht Club$504 million
Mutant Ape Yacht Club$483 million
Otherside land deeds$322 million
The table above shows the trading volume and percentage of total market volume for Yuga Labs and its associated NFT projects, including Bored Ape Yacht Club, Mutant Ape Yacht Club, and Otherside land deeds, over the six-month period from October 2022 to March 2023, according to a report by DappRadar.

Table 2: NFT Sales Data for Yuga Labs’ Projects (October 2022 – March 2023)

NFT ProjectFloor Price (Secondary Market)
Bored Ape Yacht Club51.45 ETH ($99,000)
CryptoPunks49.49 ETH ($95,150)
The table above shows the floor prices in the secondary market for two of the most popular NFT projects: Bored Ape Yacht Club and CryptoPunks, according to the same report by DappRadar

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Nonhlanhla P Dube

Nonhlanhla P Dube is a senior news reporter at Rateweb. Nonhlanhla is a student of International Relations at the University of South Africa. She reports primarily on personal finance and economics. You can contact her directly by email at nonhlanhla@rateweb.co.za

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Published by
Nonhlanhla P Dube

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