Is Yuga Labs responsible for these changes in the NFT landscape? Details inside…

• Yuga Labs drives development within the Ethereum NFT market.
• Mutant Ape Yacht Membership, BAYC see a rise in NFT quantity and gross sales.

In keeping with information supplied by Dune Analytics, there was a big spike within the variety of Ethereum [ETH] NFT trades over the previous couple of months. One potential purpose for this development is the success of Yuga Labs, an organization that takes up a lot of the Ethereum NFT market.

Supply: Dune Analytics

Learn Apecoin’s [APE] Value Prediction 2023-2024

Bored Apes headlining the NFT house

In keeping with Dune Analytics information, Yuga Labs’ NFTs captured 22.8% of the general crypto market. Thus, making it a serious participant within the business.

A standout NFT from Yuga Labs is the Mutant Ape Yacht Membership [MAYC], which noticed its flooring worth improve over the previous few months. This might be an indication of MAYC’s rising reputation and demand.

Supply: Dune Analytics

One other NFT assortment from Yuga Labs that noticed success was Bored Ape Yacht Assortment [BAYC]. Previously month, the quantity for BAYC elevated by 22.3% and the variety of gross sales of the BAYC NFT grew by 3.4%, in accordance with information supplied by DappRadar.

On the time of writing, the general quantity for BAYC was $19.16 million. This indicated that BAYC was a preferred selection amongst NFT collectors and merchants and will have contributed immensely to the rise in Ethereum NFT trades.

Nevertheless, not all NFTs from Yuga Labs noticed success. Knowledge from OpenSea confirmed that the quantity and gross sales for Crypto Punks, one other NFT from Yuga Labs, declined within the final seven days. The quantity for the Crypto Punks assortment declined by 15% and the general gross sales fell by 2% over the previous week.

Supply: OpenSea

The success of Yuga Labs’ NFTs may have an effect on ApeCoin [APE], the native token for BAYC and MAYC.

Are your APE holdings flashing inexperienced? Examine the revenue calculator

‘Whale’ing and ‘Ape’ing…

It appeared that whales, or massive holders of APE, have been exhibiting curiosity within the token. In keeping with information supplied by Santiment, the share of APE being held by massive addresses elevated considerably over the previous month.

Nevertheless, community development for APE decreased, which might point out that ApeCoin wasn’t in a position to generate curiosity from new addresses.

One other alarming issue for Apecoin can be the declining staking rewards being supplied to holders. In keeping with information from Dune Analytics, staking rewards for APE declined immensely over the previous month. This might influence the curiosity in ApeCoin from the market.

Supply: Santiment

On the time of writing, APE’s worth grew by 3.20% within the final 24 hours and was buying and selling at $4.81. It stays to be seen how the success of Yuga Labs’ NFTs will proceed to influence the Ethereum NFT market and the state of APE.