Quick take:
- Yuga Labs’ expanding universe of NFT collections accounts for more than 37% of the trading volume on OpenSea.
- The giant NFTs and Collectibles company’s leading Ape collections BAYC and MAYC, have rallied since March 7 closer to their all-time highs.
- According to Sealaunch’s analysis on Dune Analytics, Cryptopunks is the only collection in Yuga Labs’ basket to have declined recently.
Yuga Labs’ push to dominate NFT gaming seems to be on the right track following the recent track of events. The company followed its purchase of Cryptopunks and Meebits from Larva Labs with the ApeCoin launch and a whopping $450 million fundraising.
Given the positivity surrounding the Bored Ape Yacht Club (BAYC) NFT collection owner, it was inevitable that its most priced collections were going to get a boost. Since March 7, the BAYC and the Mutant Ape Yacht Club (MAYC) collections have rallied closer to their all-time highs.
According to an analysis by Dune Analytics’ @Sealaunch, the BAYC’s currency floor price is pinned at about 108.40 ETH, which is just 8.56 ETH off its all-time high of 116.96 ETH. The BAYC floor price stood at 68.20 ETH on March 7, which implies an increase of nearly 59% or more than 40 ETH over the last three weeks.
On the other hand, Yuga Labs’ mega acquisition Cryptopunks, has added less than 3 ETH since March 7, gaining from 69.83 ETH to reach a floor price of 72.16 ETH. That’s about a 3.33% gain over the same period, with the collection’s floor price several levels off its all-time high of about 119.27 ETH reached in October last year.
Elsewhere, the MAYC collection moved from a floor price of about 14 ETH to 23 ETH, just 2 ETH off its all-time high of 25 ETH. This reflects a gain of more than 64% over the 3-week period. On the other hand, Meebits, the other acquisition from Larva Labs has more than doubled its floor price, rallying from 2.13 ETH to 5.66 ETH. It is still significantly off its all-time high of 7.5 ETH.
Finally, the Bored Ape Kennel Club, the least popular of the 3 Ape collections owned by Yuga Labs rallied from 5.15 ETH to reach a floor price of 8.04 ETH, nearly 2 ETH off its all-time high of 10.00 ETH.
NFT Enthusiasts have claimed that Yuga Labs could be plotting to rival leading NFT marketplace OpenSea after revealing plans to launch its own marketplace. The company said that the recent fundraising will be used to develop games and Web3 products including a marketplace where traders can access blockchain assets from other marketplaces.
Yuga Labs also indicated that its platform will follow solid Know Your Customer (KYC) principles to create a safe NFT trading environment. Although some NFT fans did not seem too excited by the move, experts think Yaga Labs’ flexible IP ownership rules and its highly engaged community could give it the best chance to challenge OpenSea in the NFT space.
The rising BAYC, MAYC, Meebits, and KAYC prices suggest collectors are traders are onboard with Yuga’s recent moves.
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