Yuga Labs Dominates the Global NFT Market, Contributes 35 Percent of Trading Volume

Liputan6.com, Jakarta Yuga Labs, creator of Bored Ape Yacht Club’s NFT collection, continues to dominate the NFT market and account for nearly a 35 percent share of all NFT trading volume over the last six months, according to a new report by DappRadar.

As well as Bored Ape Yacht Club and its associated collection, including the Mutant Ape Yacht Club and the land deed of the metaverse game Otherside, Yuga Labs also acquired the intellectual property rights of the NFT CryptoPunks and Meebits NFT projects from the original creators. Larva Labs in 2022.

Projects created or owned by Yuga collectively generated trading volume worth more than USD 2 billion or the equivalent of IDR 29.3 trillion (assuming an exchange rate of IDR 14,693 per US dollar) during the last two quarters combined, according to the report. This represents 34.6 percent of the total market volume during that span.

Bored Ape Yacht Club leads the NFT profile picture (PFP) market with a base price of 51.45 ETH, or around USD 99,000, equivalent to IDR 1.4 billion followed by CryptoPunks at 49.49 ETH or around USD 95,150, equivalent to IDR 1.3 billion.

Launching in April 2021, Bored Ape Yacht Club (BAYC) is a collection of 10,000 profile pictures minted as an NFT on the Ethereum blockchain. It is quickly gaining popularity.

Not satisfied with the Ethereum network, in February, Yuga Labs also launched TwelveFold, a pool of 300 generative “NFTs” on the Bitcoin network using Ordinals Inscriptions.

Yuga Labs Wins NFT Collection Copycat

While Yuga Labs is known for allowing NFT holders to create and even sell derivative projects and products, the company has also defended its intellectual property (IP) in courts.

Last week, Yuga Labs won what the company called “a landmark legal win for Web3” when a federal judge ruled in favor of artist Ryder Ripps and ally Jeremy Cahen.

The pair have launched a collection of Bored Ape Yacht Club copycats called RR/BAYC which they call parodies of the Yuga project.

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