Yuga Labs, maker of the Bored Ape Yacht Club, is continuing to lead the NFT market. Reports by DappRadar have found that between October 2022 and March 2023, Yuga Labs held a 35% market share in terms of trading volume. This demonstrates their strong presence and influence in the NFT space.
Yuga Labs completed the acquisition of CryptoPunks, Meebits NFT project IP, Bored Ape Yacht Club, and associated collections (including Mutant Ape Yacht Club and Otherside metaverse game land deeds) from original creator Larva Labs in 2022. The purchase further bolsters Yuga Labs’ presence in the Non-Fungible Token (NFT) market. Yuga’s projects saw tremendous success over the last two quarters, with a collective $2 billion worth of trading volume generated. This equates to 34.6% of the total market volume over this period.
In stark contrast to other projects which have failed to live up to the standards of their community, the report concludes that Yuga Labs has been an exemplar in holding true to its promises and providing value and support to its NFT holder base.
When it comes to Non-Fungible Token (NFT) profile pictures, few compare to those provided by Bored Ape Yacht Club. This marketplace has established a genuine floor price of 51.
In April 2021, a unique concept was brought to life: Bored Ape Yacht Club (BAYC), an exclusive collective of 10,000 NFTs created and distributed on the Ethereum blockchain. The success of this venture was remarkable; by April 2022, a peak floor price of 152 ETH (roughly $429,000) had been reached in anticipation of the release of Otherside land plots.
Recent data reveals that, over the past two quarters, BAYC saw $504 million in NFT sales, Mutant Apes came close at nearly $483 million, and Otherside land deeds racked up an impressive total of over $322 million in trades.
In February, Yuga Labs took their ambition a step further by creating the TwelveFold set of 300 generative Non-Fungible Tokens (NFTs) on the Bitcoin network utilizing Ordinals Inscription. This auction was an immense success, with sales totaling $16.5 million.
It is estimated that NFT collections like Bored Ape Yacht Club has led to an industry value of over $1 billion for borrowing money against NFTs. Moreover, Yuga Labs supports holders of its NFTs with permission to create and sell derivative products backed up by their intellectual property (IP) in court.
Yuga Labs celebrated a significant courtroom success recently, when a federal court issued its judgement in the company’s favor against Ryder Ripps and Jeremy Cahen. The two had launched RR/BAYC, which they branded as a parody of Yuga’s Bored Ape Yacht Club, but ultimately the judge ruled that it was an infringement.
Given the current state of the market, those interested in crypto investment should make sure to pay attention to how Yuga Labs operates. It looks for projects with a history of meeting their goals, plus a publicly known team so responsibility can be taken. Last year, BuzzFeed unveiled the two people behind the enigmatic Bored Ape Yacht Club – Wylie Aronow and Greg Solano. After this reveal, they slowly entered the spotlight and went on Decrypt’s gm podcast just last October to talk about their work.
“I kind of view us as a garage band that made it. We’re still just trying to keep that authenticity, and frankly, I’m a little precious about it. We don’t do a lot of PR, we don’t do a ton of interviews, we’re pretty selective about that—just because, to me, that’s just a little bit too rock star.”
