While it has several digital art collections, its Bored Ape Yacht Club (BAYC) continues to dominate the NFT market. This BAYC collection has prominent individuals as collectors and holders, giving it large sales and market volume.
Significantly, a DappRadar report revealed that its collections account for about 35% share of all NFT trading volume. The report covered a period of six months, between October 2022 to March 2023.
The DappRadar report did not come as a surprise to most NFT enthusiasts. Unarguably, its most prominent collection, the Bored Ape Yacht Club (BAYC) is the foremost in the NFT ecosystem.
The DappRadar report revealed that all collections in the Yuga Lab — including Mutant Ape Yacht Club, Otherside Metaverse game land deeds, and the recently acquired Crypto Punks and Meebits — account for the whooping 35% share of all NFT trading volume.
In the last two quarters, Yuga Labs' project collectively generated more than $2 billion worth of trading volume. This feat accounts for 34.6% of the total market volume within the period.
Yuga Lab attributes this exceptional feat to the $450 million it raised at its recent $4 billion valuation. It said the firms and startups that supported the fundraising propelled the collections to increase its investors.
While there is an emphasis on the success of these collections, Yuga Labs has identified some of its shortcomings. The NFT community revealed that some of its projects have "rug-pulled" — thereby abandoning development, reneging on promises made to investors and not meeting the threshold.
The Yuga Lab community, however, prides itself "as a leading example of commitment to providing value and nurturing its NFT holder community."
BAYC leads the NFT profile picture (PFP) market with a floor price of 51.45ETH. This is one of the highest floor prices in the entire NFT market.
Since its launch in April 2021, it has gained popularity, especially among "whale" investors. Significantly, the Bored Ape Yacht Club collection attained the "blue chip" status with over 10,000 profile pictures minted as NFTs on the Ethereum blockchain.
The DappRadar report revealed that BAYC yielded $504 million worth of sales leading the community. Other collections that followed closely include Mutant Apes at about $483 million and Otherside land deeds yielding over $322 million worth of trades.
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