Greg Solano, co-founder of Yuga Labs, during NFT Paris 2023 – © RoyalsBlue.com
According to DappRadar, the NFT collections from Yuga Labsincluding BAYC and CryptoPunkss, have represented more than 34% of the volume of transactions on the market of non-fungible tokens during the last 6 months.
In a report published this week, DappRadar reviewed the remarkable growth of Yuga Labs. According to the data provider, between October 2022 and April 2023 more than one-third of the trading volume on the NFT market ($2 billion) was generated by the US startup’s valuable collections.
Since what started two years ago with boring monkey JPEGs, Yuga Labs has become an industry giant with 16 NFT collections in its portfolio. These collections are now responsible for 34.5% of all transaction volume in the NFT industry,” DappRadar wrote.
Valued 4 billion dollars during its last round of financing and supported, among others, by a16z and Coinbase, Yuga Labs is notably behind the famous Bored Ape Yacht Club collection. The bottom price of tokens BAYCsome of which are owned by celebrities, is now close to 50 ethersor nearly 100,000 dollars at the current price.
Last year, in the wake of the sale of land in its metaverse Othersidethe floor price of BAYC had exceeded 150 ETH while the craze for NFT Was just starting to run out of steam. The Bored Ape Yacht Club-affiliated cryptocurrency, ApeCoin (APE), currently has a market capitalization of over $1 billion.
According to DappRadar, Bored Ape Yacht Club recorded the highest NFT transaction volume ($504 million) of any collection in the past 6 months. This was followed by Mutant Ape Yacht Club ($483 million) and Otherside ($322 million).
The startup founded in 2021 by Wylie Aronow and Greg Solano in Miami also has other great collections like Meebits and Cryptopunks, both bought out in the spring of 2022.
“A notable fact about CryptoPunks the collection has the price highest average sale price of all NFT collections at $114,437,” the blockchain data platform says.
The acquisition of WENEW and 10KTF last fall also allowed Yuga Labs to inflate the total trading volume of its collections, the report states.
While some projects have ‘rug pulled’ their communities, abandoning development or reneging on promises made to holders, or simply failing to meet high expectations, Yuga Labs has become an example as a value provider to NFT holders,” DappRadar concludes.
Other collections from the startup led by the former president of Activision Blizzard recently include. Bored Ape Kennel Club and Bored Ape Chemistry Club. In March, she launched TwelveFold, a sale of 300 “generative artworks” inscribed on satoshis on the Bitcoin blockchain.
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