Yuga Labs, the company behind the hugely popular non-fungible token (NFT) collection ‘Bored Ape Yacht Club (BAYC),’ is currently dominating the NFT market with a staggering 35% market share based on transaction volume. According to a report by Dapp Radar on April 27th, Yuga Labs has a combined trading volume of over $2 billion across its 12 NFT collections over the past six months.
The company, which is valued at $4 billion, has a total of 16 NFT collections, including Mutant Monkey Yacht Club (MAYC), Otherside Metaverse game land Otherdeed, and CryptoPunks and Mibits’ intellectual property rights, which it acquired last year.
Yuga Labs has managed to add value to its own projects by supporting community development and inducing continued participation such as secondary sales. BAYC alone has sold over $540 million worth of NFTs over the past two quarters, while MAYC recorded a trading volume of more than $483 million and $322 million for Otherdeed.
Notably, BAYC has the highest bottom price among NFTs at 51.45 ETH, followed by CryptoPunk with 49.49 ETH. As the value of NFTs increased, a loan market that secured high-priced NFTs such as BAYC emerged and has grown to $1 billion.
Yuga Labs is now expanding the NFT market from Ethereum to Bitcoin. In February, the company released a collection of 300 NFTs called ‘TwelveFold’ through Bitcoin Ordinals, which raised sales of about $16.5 million in the first auction.
The NFT market has exploded in popularity in recent months, with many artists and creators selling their work as NFTs, allowing them to retain ownership and earn revenue from secondary sales. With Yuga Labs dominating the market, it will be interesting to see how the company continues to shape and grow the NFT industry in the future.
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