Yuga Labs Still Rules the NFT Kingdom: Bored Apes and CryptoPunks Lead the Charge

Ever wondered who’s calling the shots in the wild world of NFTs? Well, according to a recent report by DappRadar, the crown still firmly sits atop the head of Yuga Labs, the creative powerhouse behind the legendary Bored Ape Yacht Club. For a whopping six months, from October 2022 to March 2023, they’ve commanded a staggering 35% of all NFT trading volume. That’s a big slice of the digital pie!

The Yuga Labs Empire: More Than Just Apes

It’s not just the Bored Apes though. Yuga Labs has been strategically expanding its territory. Remember CryptoPunks and Meebits? Yuga Labs scooped up the intellectual property for these iconic collections from Larva Labs in 2022. Add to that the Mutant Ape Yacht Club and the metaverse land rush that is Otherside, and you’ve got a veritable NFT empire.

Let’s talk numbers. Over the last two quarters alone, projects either created or owned by Yuga Labs generated over $2 billion in trading volume. To put it another way, nearly 35% of all NFT trading activity flowed through their ecosystem. That’s a testament to their enduring influence.

What’s the Secret Sauce? Community and Commitment

DappRadar isn’t just throwing out numbers; they’re digging into the ‘why’ behind Yuga Labs’ success. They highlight the company’s commitment to its projects and, more importantly, its communities. In a space where projects can sometimes disappear faster than your crypto gains in a bear market, Yuga Labs stands out.

Think about it:

• Consistent Support: Unlike some projects that fade into obscurity, Yuga Labs actively supports and develops its portfolio.
• Community Focus: They nurture their NFT holder communities, fostering a sense of belonging and shared value.
• Delivering on Promises: In a world of hype, Yuga Labs has largely delivered on its promises, building trust and loyalty.

DappRadar puts it nicely: “While some projects have ‘rug-pulled’ their communities… Yuga Labs has emerged as a leading example of commitment to providing value and nurturing its NFT holder community.” That’s a powerful endorsement.

The Blue-Chip Brigade: Apes and Punks Lead the PFP Pack

When it comes to profile picture (PFP) NFTs, two names consistently dominate: Bored Ape Yacht Club and CryptoPunks. These aren’t your average JPEGs; they’re status symbols and digital identities.

Consider this:

• Bored Ape Yacht Club: The floor price (the cheapest one you can buy) currently sits around 51.45 ETH, which translates to roughly $99,000.
• CryptoPunks: Not far behind, with a floor price of 49.49 ETH, or about $95,150.

Launched in April 2021, the Bored Ape Yacht Club quickly became a phenomenon. Remember the peak frenzy? In April 2022, just before the Otherside land launch, the floor price hit a staggering 152 ETH, which was around $429,000 at the time. Talk about a return on investment!

Breaking Down the Billions: Where the Volume Comes From

Let’s break down that impressive $2 billion trading volume:

• Bored Ape Yacht Club: Generated a cool $504 million in sales.
• Mutant Ape Yacht Club: Close behind with nearly $483 million.
• Otherside Land Deeds: Contributed over $322 million.

These numbers highlight the continued demand and value associated with the Yuga Labs ecosystem.

Venturing Beyond Ethereum: The Bitcoin Experiment

Yuga Labs isn’t just sticking to Ethereum. In February, they dipped their toes into the Bitcoin network with TwelveFold, a collection of 300 generative “NFTs” using Ordinals Inscriptions. The initial auction raked in a hefty $16.5 million, showing their ability to generate buzz and demand even on a different blockchain.

The Ripple Effect: NFTs as Collateral

The sheer popularity and value of collections like the Bored Ape Yacht Club have even spawned a whole new industry: borrowing money against NFTs. This market is now worth a cool $1 billion, showcasing the real-world financial implications of these digital assets.

Protecting the Empire: IP and Legal Battles

Yuga Labs isn’t just about creating; they’re also about protecting their creations. While they famously allow NFT holders to create derivative works, they’ve also been proactive in defending their intellectual property.

Case in point: their recent legal victory against Ryder Ripps and Jeremy Cahen. The pair created RR/BAYC, a parody collection, but a federal judge sided with Yuga Labs, marking what many consider a “landmark legal victory for Web3.” This sends a clear message about protecting IP in the NFT space.

Key Takeaways for NFT Enthusiasts

So, what can we learn from Yuga Labs’ ongoing success?

• Due Diligence is Key: DappRadar advises investors to look for projects with a proven track record and a committed team.
• Accountability Matters: A “doxed” team (where the identities of the founders are public) can provide a greater sense of accountability.
• Community is Crucial: The strength and engagement of a project’s community are strong indicators of its potential longevity.

Behind the Apes: The Founders Step into the Light

For a long time, the creators of the Bored Ape Yacht Club operated under pseudonyms. However, a BuzzFeed investigation eventually revealed the identities of Wylie Aronow and Greg Solano. Since then, they’ve gradually become more public, even appearing on Decrypt’s gm podcast last October.

Aronow’s perspective offers a glimpse into their approach: “I kind of view us as a garage band that made it. We’re still just trying to keep that authenticity… we don’t do a lot of PR, we don’t do a lot of interviews, we’re pretty picky about that—just because that’s a little too rock star for me.” This grounded approach seems to resonate with their community.

The Reign Continues

Yuga Labs’ dominance in the NFT market is undeniable. Through a combination of iconic collections, strategic acquisitions, a focus on community, and a willingness to innovate, they’ve solidified their position as a leader in the Web3 space. Whether you’re an avid collector, a curious investor, or simply fascinated by the world of NFTs, Yuga Labs is a name you can’t ignore. Their journey offers valuable lessons about building lasting value and fostering thriving communities in the ever-evolving digital landscape.