Yuga Labs May Data Report: The Darkest Moment for NFT Industry Leader?

Yuga Labs May Data Report: A Low Point for a Leading NFT Industry?

Over the past month, the prices of Bored Ape Yacht Club, Mutant Ape Yacht Club, and Otherdeed for Otherside have all fallen to their lowest points of the year. The lowest price was on May 10, when many traders entered the market. Surprisingly, of all the NFTs created by Yuga Labs, MAYC had the highest monthly trading volume, with about 44,480 ETH.

BAYC Data Performance

Touching the annual low on May 10

On May 10, the floor price of BAYC fell to the lowest point in a year, 40.95 ETH. Despite the drop in floor price, the trading volume on that day was the second highest of the month, and BAYC prices have been steadily rebounding since then.

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Market sentiment affecting trading volume

From the data results, the market value of BAYC has been in a continuous downward trend, falling from 820,000 ETH to 460,000 ETH, a decline of 44%. From a larger perspective, the trading volume in May was only half of that in April, reflecting the overall market sentiment being dominated by memes.

On May 10, the holding period of holders showed a slight change, with some holders holding NFTs for less than 24 hours. This suggests that new users may have entered the market to make short-term arbitrage.

It is also worth noting that nearly 44.5% of holders have held their NFTs for more than a year, and this proportion is still steadily increasing. 10.51% of holders have not sold their NFTs since minting.

Number of holders begins to rebound

According to NFTGo data, the trading volume peak of the month occurred on May 2, followed by May 10, with about 50 transactions per day, and reached its lowest point on May 20.

Since last month, the number of BAYC holders has been in a downward trend. However, this trend seems to have reversed on May 10, and the number of holders began to increase.

BAYC holder trading activity analysis

Blur is the platform with the highest frequency of use by holders

According to Sealanuch data, over 90% of BAYC trading activity occurs on Blur, while OpenSea only accounts for 4.2%.

The NFTs most purchased by BAYC holders

Currently, the top five NFTs held by BAYC holders are Sewer Blockingss, BAYC, Otherdeed, Checks, and MAYC. It is worth noting that three of these series belong to Yuga Labs. In addition, some BAYC holders have chosen to invest in other popular NFTs this year, such as Checks-VV edition and open edition.

The NFTs most sold by BAYC holders

Similarly, the top five NFTs sold by BAYC holders are Sewer Blockingss, BAYC, Otherdeed, MAYC, and Checks. Therefore, it can be assumed that these NFTs have good liquidity.

The reversal of the whale

machibrother.eth has been an active trader in the market, and its recent on-chain activities can provide valuable reference for investors. Last month, machibrother.eth was one of the traders with the largest number of transactions, with 89 buys and 106 sells. By analyzing the trading trends, May 10 was the lowest floor price for BAYC, at only 40 ETH, which may have been a potential buying opportunity for those interested in BAYC.

Additionally, on May 10, machibrother listed more than ten BAYC and MAYC on Blur. Machibrother’s move may have been to earn rewards on Blur, but it is important to consider past market reversals and trends before making any investment decisions.

Highest transaction price

Over the past 30 days, the highest transaction price for BAYC was #4980, which reached 530ETH. The holder of this BAYC is 0x66666F, whose investment portfolio is worth as much as 743.91ETH. In addition to #4980, the highest transaction prices for BAYC are #7403 and #6805.

Yuga Prices and Predictions

Bored Ape NFT Listings and Prices

Yuga NFT Trading Signals

Probability of Rise and Fall (NFA)

RSI Strategy: A trading signal designed based on the buy and sell strength characteristics of RSI. A buy signal is below the volatility range, and a sell signal is above the volatility range. The greater the deviation, the stronger the signal.

Apecoin Analysis

Currently, the price of $APE is $3.47 (Note: the price was about $3.1 at the time of publication), and the last high point was in February 2023, when Otherside 2nd trip and Dookey dash were launched. Despite the continued cooling of the market, the number of $APE holders has been growing steadily over the past few months.

Currently, the number of $APE holders’ addresses has exceeded 120,000. However, since February 2021, the number of active addresses holding $APE has been decreasing and is currently less than 10,000.

Yuga’s NFTFi Ecosystem

In terms of lending volume and daily users, Blend has become a top NFT lending platform. As of now, Blend has around 300-400 daily active users, equivalent to the total number of users of other lending platforms.

Over 6,000 apes have been borrowed on these platforms, with 88 being liquidated. Among all platforms, MAYC is still the most hosted NFT.

NFTs and Game Economy

Legends of the Mara offers a complex game mechanism with a lot of strategic choices, each of which leads to different results.

Otherside Vessels

When the game was first released, the market was dominated by sellers, with sales far exceeding buying activity. However, this trend changed significantly after the first update. Buying and selling activities both decreased significantly by around 70%, indicating that the market has shifted from hype-driven at launch to a more stable and mature trading environment.

Despite a decrease in trading activity, there has been a slight 1.7% increase in the number of Vessels NFT holders. This trend suggests that many loyal fans are steadily accumulating Vessels NFTs, possibly due to a focus on strategic gameplay.

From the initial release to the second update, the floor price and average selling price of Vessels NFTs have shown a stable but downward trend. Specifically, the floor price has dropped from 0.35 ETH at launch to 0.29 ETH at the second update, and the trading volume has decreased significantly from 1.37K ETH at launch to 86.15 ETH at the second update. Essentially, these trends indicate that the series is moving towards a more mature market after the initial hype.

Otherside Koda

In the strategic ecosystem of Legends of the Mara, Otherside Koda plays a crucial role. As the primary guardian of Otherside, they are skilled in farming, spellcasting, and hunting, making them functionally and value-wise distinct from Vessels NFTs.

The trading data of Otherside Koda NFTs forms an interesting contrast to that of Vessels NFTs. Unlike Vessels, the trading data of Koda seems to be more balanced, with both buyers and sellers having similar demands. However, the number of Koda holders has increased by 3.07%, which is a larger increase than that of Vessels. This may be because Koda’s utility in the game has been strengthened, attracting a wider or more focused group of players.

The floor price and average selling price of Koda have both decreased, but were previously higher. From the initial release of 10.48 ETH floor and 10.85 ETH average prices, they have respectively dropped to 6.8 ETH and 7.34 ETH with the second update.

Legends of the Mara has vast potential in the NFT game market. Developers and players alike are trying to find a balance between economic incentives and gameplay fun. Perhaps an in-game tutorial or comprehensive guide can be introduced to help new players better understand the game mechanics.

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