Yuga Labs, the creator of the wildly popular Bored Ape Yacht Club, has emerged as a dominant force in the NFT industry. A recent report by DappRadar, reveals that the company’s 16 NFT collections now represent a staggering 34.6% of the entire NFT market, with a total trading volume of $2 billion in the past two quarters alone.
Yuga Labs Secures Its Dominance in the NFT Market
The Bored Ape Yacht Club collection has set new records in the industry, boasting the highest floor price of 51.45 ETH, outpacing CryptoPunks, which stands at 49.49 ETH. This achievement solidifies Yuga Labs’ position as a trailblazer in the NFT space, offering high-quality and sought-after digital art.
Another notable NFT collection from Yuga Labs is Otherdeed for Otherside, which ranks as the top-performing metaverse collection. Over the past two quarters, the collection has generated $322 million in trading volume, with an average sale price of $3,112 and an impressive 5.52 trades per NFT.
Yuga Labs’ expansion into the NFT fashion sector has also proven successful. Following the acquisition of WENEW and 10KTF, these properties accounted for 74% of Q1 2023’s total NFT fashion trading volume. This strategic move has further solidified the company’s status as an NFT powerhouse.
APE Gaming Token Surpasses Industry Giants
In the gaming sector, APE, Yuga Labs’ gaming token, has achieved a market cap of $1.48 billion, making it the leading gaming token in the market. This is a significant milestone when compared to established Web2 gaming companies like Ubisoft, with a market cap of $3.46 billion, and Square Enix, boasting a $6 billion market cap.
Yuga Labs has established itself as a frontrunner in the NFT industry, outperforming competitors and capturing a significant market share. As the NFT market continues to evolve, it remains to be seen how Yuga Labs will maintain its position and capitalize on new opportunities in the space.