Yuga Labs is driving growth in the Ethereum NFT market. Mutant Ape Yacht Club, BAYC are seeing an increase in NFT volume and sales.
According to data from Dune Analytics, there was a significant spike in Ethereum numbers [ETH] NFT has been trading for the past few months. One possible reason for this growth is the success of Yuga Labs, a company that occupies a large chunk of the Ethereum NFT market.
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Bored Apes headline the NFT space
According to data from Dune Analytics, Yuga Labs NFTs captured 22.8% of the total crypto market. This has made it an important player in the industry.
A notable NFT from Yuga Labs is the Mutant Ape Yacht Club [MAYC], which has seen its bottom price rise in recent months. This could be a sign of MAYC’s growing popularity and demand.
Another NFT collection from Yuga Labs that saw success was Bored Ape Yacht Collection [BAYC]. In the past month, volume for BAYC was up 22.3% and BAYC NFT sales grew 3.4%, according to data from DappRadar.
At the time of writing, total volume for BAYC was $19.16 million. This indicated that BAYC was a popular choice among NFT collectors and traders and could have greatly contributed to the rise in Ethereum NFT transactions.
However, not all Yuga Labs NFTs saw success. Data from OpenSea showed that the volume and sales of Crypto Punks, another Yuga Labs NFT, have fallen over the past seven days. The volume of the Crypto Punks collection fell 15% in the past week and total sales fell 2%.
The success of Yuga Labs’ NFTs may also affect ApeCoin [APE]the native token for BAYC and MAYC.
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‘Whales’ and ‘Monkeys’…
It turned out that whales, or major holders of APE, expressed interest in the token. According to data from Santiment, the percentage of APE owned by large addresses has increased significantly over the past month.
However, network growth for APE slowed down, which could indicate that ApeCoin failed to generate interest from new addresses.
Another alarming factor for Apecoin is the decreasing staking rewards provided to holders. According to data from Dune Analytics, staking rewards for APE have plummeted over the past month. This may influence the interest in ApeCoin from the market.
At the time of writing, the price of APE is up 3.20% in the past 24 hours and is trading at USD 4.81. It remains to be seen how the success of Yuga Labs’ NFTs will continue to affect the Ethereum NFT market and the state of APE.
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