Yuga Labs Has 35% Share in NFT Market Transaction Volume
Yuga Labs, the company behind Bored Ape Yacht Club (BAYC), a hugely popular NFT collection, currently dominates the NFT market with a staggering 35% market share based on trading volume. According to a report published by Dapp Radar on April 27, Yuga Labs has had a combined trading volume of over $2 billion in 12 NFT collections in the past six months.
The $4 billion company owns a total of 16 NFT collections, including the Mutant Monkey Yacht Club (MAYC), Otherside Metaverse playground Otherdeed, and the intellectual property rights of CryptoPunks and Mibits, which it bought last year. Yuga Labs has been able to add value to its own projects by supporting community development and encouraging continued engagement such as secondary sales. BAYC alone has sold $540 million worth of NFTs in the last two quarters, while MAYC recorded over $483 million and $322 million in trading volume for Otherdeed.
Among the NFTs, BAYC with 51.45 Ethereum (ETH) and CryptoPunk with 49.49 Ethereum (ETH) have the highest bottom price. As the value of NFTs increased, a credit market emerged that secured high-priced NFTs such as BAYC, reaching $1 billion. Yuga Labs is now expanding the NFT market Ethereum (ETH) Bitcoin (BTC). In February, the company released a 300 NFT collection called ‘TwelveFold’ via Bitcoin (BTC) Ordinals, raising approximately $16.5 million in sales at the first auction.
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