- Bored Ape creator Yuga Labs controls 35% of the market share according to DappRadar
- Yuga’s NFT projects were the most appealing to collectors between October last year and March this year
- Yuga-linked digital collectables accounted for over $2 billion in trading volume within the last six months
Bored Ape creator Yuga Labs controls 35% of the NFT market share according to a report by DappRadar. The report stated that Yuga’s NFT projects were the most appealing to collectors between October last year and March this year where they accounted for over $2 billion in trading volume. The revelation comes after Yuga launched a streak of new projects such as a Web 3.0 game and a Bitcoin NFT collection.
Yuga Honors Promises
Apart from popular native NFT projects like Mutant Ape, Otherside and Bored Ape, the company also boasts control of Meebits and CryptoPunks collectables whose intellectual property rights (IP) it acquired last year.
According to DappRadar, Yuga’s lead in the NFT space is due to the company’s focus on its community and honoring development promises. The report noted that the success of many NFT projects is hindered by rug pulls and the development team promising unrealistic features.
Among Yuga’s projects, Bored Ape and CryptoPunks NFTs took the lead in the profile picture (PFP) market with a floor price of approximately 50 ETH or close to $100,000. According to DappRadar, BAYC’s trading volume between October 2022 and March 2023 sits at $504 million, followed by MAYC and Otherdeed NFTs at $483 million and $322 million respectively.
DappRadar urged upcoming NFT projects to study Yuga’s approach to digital collectables, adding that revealing the company executive’s identities improves accountability.
Paying Celebrities to Promote Apes?
However, Yuga’s rise has also attracted controversy and envy. For example, the company was sued for allegedly paying celebrities to secretly promote Bored Apes. Also, it recently won a court case against Ryder Ripps who had ripped off BAYC images to create the RR/BAYC NFT collection terming it artistic criticism.
With Yuga being a respected NFT creator, its NFT projects are likely to continue ruling the market until a worthy competitor emerges.
