Read into what recent sales from Yuga Labs projects could mean for the NFT market
The past week was interesting for Yuga Labs NFT collections – such as Mutant Ape Yacht Club (MAYC), CryptoPunks, and Otherdeeds for the Otherside. In contrast to the general market sentiment, the floor price of all these collections increased, as did purchases of NFTs with specific metadata. But how can we read this? Let’s dive in!
- Mutant Apes kept climbing the charts with a storytelling project;
- Otherdeed for Otherside Metaverse with Mega Koda was sold at 200 ETH;
- CryptoPunk #2924 sale makes NFT the most expensive in recent times.
Yuga Labs collections kept leading the NFT sales rankings this week. However, some events stole the Web3 community’s attention. Let’s get to know what’s up. First, have a look at this week’s top-selling NFT collections via DappRadar data.
Mutant Apes kept climbing
There was an increase in interest and prices, especially for the Mutant Ape Yacht Club NFTs.
Compared to BAYC, MAYC is a low-value entry point into the ecosystem – the floor price stood at $21,220 while the first collection stood at $111,820. However, as you can notice on the DappRadar charts, both collections saw a similar rise of around 18% in floor prices. This could be a reason for this increase in numbers.
What’s behind it?
A storytelling project with the Mutant Ape Yacht Club NFTs called Applied Primate Engineering could be behind this hype. Despite not being affiliated with Yuga Labs, this BAYC and MAYC communities project has been active since May, taking a creative narrative to ApeFest NY in June 2022, involving different NFTs in a unique story.
Applied Primate Engineering is keeping Apes engaged in games and storytelling with the famous NFT collections. Fragment, the team behind the project, has added a new Mega Mutant Ape to its collection this week – now with 5 of these rare NFTs. Their founder confirmed their purchase and further plans on Twitter:
“We added Mega Noise to the Fragment team yesterday. One of my all-time favorite Megas! Our friends at Yuga Labs are becoming the Disney of Web3, and we want to build the next Marvel Studios inside the Yuga universe. The Megas are the Avengers, of course.”
The most expensive land in the Otherside metaverse was sold
An investor bought an Otherdeed with a Mega Koda for 200 ETH – around 279,052. The wallet where this Mega Koda now sits has over $1 million invested in major NFT collections such as BAYC, MAYC, Bored Ape Kennel Club, and also Azuki, CloneX, Meebits, and several other Otherside lands.
What’s behind it?
Yuga Labs’ the Otherside is a metaverse virtual land that will take the NFT collections experience to a whole new level. Lands NFTs in this world are known as Otherdeeds, and users can build whatever they want on them, as long as they own them.
And, of course, each land is different and comes with its unique characteristics – such as Kodas, Otherside’s rare native creatures.
Interest in the Otherside Metaverse has increased over time since Yuga Labs announced its development in early 2022. So far, sales of Otherdeed land have collected over $1 billion – and the virtual world hasn’t even gotten past the testing stages.
The gamified metaverse uniting the most famous NFTs in the world is not something you want to lose sight of. By bringing together so many powerful issues of the moment, it is a self-justifying project.
CryptoPunk NFT purchase breaks record at $4.4 million
For the meager amount of 3,300 ETH, CryptoPunk #2924 changed hands yesterday. This movement defies bearish trends, in the biggest sale of a single NFT in months – and the fourth highest-value Punk ever sold.
What’s behind it?
The OG collection CryptoPunks joined the Yuga Labs ecosystem in March 2022, and is hardly ever found out of the top 10 NFT collections of our Rankings.
The new owner of this particular Punk has no other large investment registered in the same address but made the headlines of the biggest Web3 media as to the contrast of high investment in a bear market.
As pointed out in our latest report, NFTs have become assets that can store value properly – even in a bear market. Especially when they are Yuga Labs’ blue-chip NFT collections.
Therefore, whoever bought this rare CryptoPunk, with a value estimated at more than $4 million, is making a solid long-term investment.
“While no one can accurately predict the future of the global cryptocurrency market and its components, such as non-fungible tokens, it is expected that NFT markets will continue to be expanded by the many market players (…) The forecast for NFT markets, which generated about $25 billion in sales in 2021, seems favorable.”Sara Gherghelas, Blockchain Analyst at DappRadar
Track trending NFTs with DappRadar
If you always want to be one step ahead to know the biggest trends in the NFT space, the DappRadar tools are indispensable.
In fact, they were very useful in understanding the market movements, what is behind the investments, and how the collections have been behaving.Get to know DappRadar Portfolio Tracker to manage and track your NFT wallet and any other address. Keeping up with the latest sales, stats, and more is everything in this industry.
The above does not constitute investment advice. The information given here is purely for informational purposes only. Please exercise due diligence and do your own research.