As the Bored Ape Yacht Club (BAYC) celebrates its second anniversary on April 30th, Yuga Labs, the creative force behind the project, has established itself as a powerful presence in the NFT market.
A recent report from DappRadar indicates that the company accounted for a staggering 34.6% of the entire NFT trading volume over the past two quarters, amassing over $2 billion in transactions.
Yuga Labs’ success stems not only from the BAYC but also from other associated collections such as the Mutant Ape Yacht Club and the metaverse game Otherside.
Furthermore, the acquisition of CryptoPunks and Meebits NFT projects from Larva Labs in 2022 has contributed to the company’s significant market share.
Impressive NFT sales figures
The Bored Ape Yacht Club, which made its debut in April 2021, currently leads the NFT profile picture (PFP) market with a floor price of 51.45 ETH (around $99,000), closely followed by CryptoPunks at 49.49 ETH ($95,150).
The collection, comprising 10,000 unique profile pictures minted as NFTs on the Ethereum blockchain, experienced a peak floor price of 152 ETH ($429,000) in April 2022, ahead of the release of Otherside land plots.
According to the DappRadar report, BAYC generated $504 million in NFT sales during the last two quarters. The Mutant Apes contributed nearly $483 million, while Otherside land deeds brought in over $322 million.
Yuga Labs has also ventured beyond Ethereum by launching TwelveFold, a collection of 300 generative NFTs on the Bitcoin network using Ordinals Inscription, which raised $16.5 million in sales during its initial auction.
The soaring popularity and value of NFT collections like Bored Ape Yacht Club have given rise to a $1 billion industry, where individuals can borrow money against their NFT holdings.
Yuga Labs‘ unwavering commitment to providing value and nurturing its NFT holder community has enabled it to create a lasting and influential presence in the NFT and dapp world.
The company’s success in various domains, such as the metaverse and NFT fashion sectors, is a testament to its foresight and ability to capitalize on emerging trends.
APE token trading at a $1.48B market cap
The APE token, linked to Yuga Labs’ gaming ventures is trading at $1.48 billion market cap.
This achievement positions the token as a leading gaming token, competing with established Web2 gaming companies like Ubisoft ($3.46 billion market cap) and Square Enix ($6 billion market cap).
As Yuga Labs commemorates the second anniversary of the Bored Ape Yacht Club, its success serves as a shining example for others in the industry. The company’s ability to maintain a strong foundation and engage with its community has proven to be a winning formula in the world of NFTs and dapps.
