Yuga Labs, the company behind the popular NFT series “Bored Ape Yacht Club (BAYC),” currently dominates the NFT market with a staggering 35% market share in transaction volume. According to Dapp Radar on April 27, the total transaction volume of Yuga Labs’ 12 NFT series exceeded $2 billion in the past six months.
The company, valued at $4 billion, has a total of 16 NFT series, including Mutant Ape Yacht Club (MAYC), Otherside – Otherdeed virtual land, and the intellectual property rights of CryptoPunks and Mibits, which the company acquired last year.
Yuga Labs adds value to its own projects by supporting community growth and encouraging ongoing engagement such as secondary sales. BAYC alone has sold over $540 million worth of NFTs over the past two quarters, while MAYC has traded over $483 million and Otherdeed has traded $322 million.
It is worth noting that BAYC has the highest reserve price among NFTs at 51.45 ETH, followed by CryptoPunk with a reserve price of 49.49 ETH. As the value of NFTs increased, a secured lending market for high-priced NFTs like BAYC emerged and has grown to $1 billion.
Yuga Labs is currently expanding the NFT marketplace from Ethereum to Bitcoin. In February, the company released a collection of 300 NFTs dubbed “TwelveFold” via Bitcoin Ordinals, which raised about $16.5 million in its first auction.
The NFT market has exploded in popularity in recent months, with many artists and creators selling their creations as NFTs, allowing them to retain ownership and earn income from secondary sales. . With Yuga Labs leading the way, let us wait and see how the company will shape and develop the NFT industry in the future.
- Yuga Labs Wins BAYC Trademark Lawsuit
- Yuga Labs Metaverse Otherside Launches “Secondary Journey” March 25th
according to Kyptos