Yuga Labs Eco Data Overview

Last month, Yuga Labs grappled with challenging circumstances. Notably, the floor price of Bored Ape Yacht Club NFTs plummeted to under 30 ETH (about USD 58,000), virtually mirroring its value in October 2021, prior to the NFT market surge. Other projects like Mutant Ape Yacht Club and Otherdeed for Otherside also faced adversity, with decreasing floor prices.

Yuga Labs Still Occupies About 20% of the Total Volume

For Yuga Labs' collections, although we have seen the cooling of the market, the decline of the floor price, and the small decline of the holder, however, for the entire market, Yuga Labs still occupies about 20% of the proportion and has been maintained. This means that Yuga Labs still occupies the top of the market, and no other competitor can compete or catch up with it. Therefore, the existence of arbitrageurs is also a demonstration of market confidence in Yuga Labs.

Upcoming News

10KTF will have season 2 in July

10KTF will have Season 2 in July with a cross-platform narrative, featuring new characters and a suspenseful plot. The community-driven initiative, marked by live updates and alerts on Discord, led to the exciting return of the character, Wagmi-san. Besides digital storytelling, 10KTF produces physical products and hosts real-world events, broadening its unique engagement in the NFT space. The interactive weekly episodes are free, promoting wider participation.

LOTM will continue updating in Q3

In the third quarter of 2023, fans of Yuga Labs' game Otherside: Legends of the Mara (LoTM) are in for a treat. The popular web-based game is scheduled to pop up online, featuring exciting elements like Vessel Nesting and StarMap Updates. In anticipation, a series of blog posts are being released to keep Voyagers updated on the mechanics, strategy, and notable aspects of the game. As Season 1 of LoTM rolls out this summer, players can expect continued updates and expansions to the game's offerings. A glimpse into the gaming future reveals strategic battles, mystical allies, and the hunt for Unearthed Artifacts.

Physical Gucci KodaPendant will be shipped by the end of July

The claim for the physical KodaPendant, a pivotal part of the Yuga Labs and Gucci collaboration, closed on July 6, 2023, at 12 PM ET. Eligible Voyagers can visit the official website to initiate the process, and failing to claim within this timeframe will result in forfeiture of the physical KodaPendant.

What Happened in June

HV-MTL Forge Season 1 begins on June 29th

HV-MTL Forge, which designed specifically for HV-MTL holders, launched begin on June 29th. It uniquely combines elements of pet care games and casual world builders, creating a social and competitive environment. Players start by nurturing their heavy metal pet, or HV, and building a productive forge.

The game features a voting mechanism where other players can affect your score, but the competitive dynamics might favor HV-MTL whales and influencers. Players earn 'Amps' through leaderboard ranks for HV evolution, which can be traded once they're on-chain. 'Gears,' the in-game currency, can be used to enhance gameplay, purchase items, and accelerate the building process. Despite the competitive nature, strategy, social interaction, and HV care are key to success.

The HV Garage Is Open for Viewing

The creators of BAYC have unveiled the HV-MTL, a new dynamic NFT collection, with an innovative viewer at garage.hv-mtl.com. This site offers a unique, immersive way to explore HVs and their traits, distinguishing itself from traditional marketplaces like OpenSea. The HV-MTL collection, including eight HV types and over 1,050 traits, is ranked via a Probabilistic formula that ensures a diverse trait distribution based on Dookey Dash event rankings. With the unveiling, BAYC signals increased activity around HV-MTL. Importantly, the rarity of an HV is predetermined, tied to its token ID, and is crucial for participation in the upcoming HV-MTL: Forge event. This development adds an immersive, interactive element and predestined trait rarity to enhance user engagement.

ApeCoin Special Council Elections Move Forward

ApeCoin DAO has successfully conducted its second voting phase for the Special Council and Governance Working Group. The organization successfully filled two seats formerly held by Yat Siu and Alexis Ohanian with new members Waabam and CaptainTrippy. Waabam led the voting with 31.2% of votes (7.7 million APE) while CaptainTrippy secured 29.4% (7.3 million APE). The participation of notable web3 community figures in the initial phase and subsequent appointment of the new members mark significant strides in ApeCoin's democratic governance. This development is crucial as these representatives will shape the project's future, serving the community's vision and administering DAO proposals, establishing a new standard in crypto governance.

Data Analysis of BAYC in June

BAYC Market Sees Decline, Yet Increased Whale Activity Signals Promising Outlook

BAYC's market has exhibited a plateauing decline trend in last month. This downward trajectory was punctuated by a substantial 37.33% drop in floor price and a 9.18% decrease in average price from the start of the month. The lowest floor price reached 28.5 ETH, almost the same as it was in October 2021, before the boom in the NFT market. Although BAYC launched new game HV-MTL Forge and released the information about new HV-MTL collection, it does not bring any expected market effect.

However, the increase in whale activity, particularly with more buying than selling,  not only shows the confidence of whales in the future potential of BAYC, but also highlights the existence of a group of arbitrageurs who buy more BAYCs at low prices.

Surging Trading Volume Amid Falling Market Cap: Speculative Activity Spotted

Over the past month, despite a 32.11% drop in BAYC's market cap last month, trading volume surged by an impressive 193.04%. However, this increase was primarily due to a significant drop in floor price, leading to an overall decrease of 41.08% in trading volume from June 1st to June 29th. Spikes in trading volume on the 6th, 7th, 13th, and 14th, reaching near 10K, were initially seen as positive signals. But a closer examination revealed that these spikes resulted from 'whale' investors buying BAYCs below floor price and relisting them higher.

High Market Activity Fuelled by Speculation, Not Community Engagement

In the past month, sales, transfers, and liquidity remarkably soared by 234.30%, 27.79%, and 234.30%, respectively. This surge, linked to the significant floor price drop, instigated speculative activities, evidenced by a swift influx of new holders on July 2nd. Concurrently, the number of large BAYC holders (51-100 and 100+) slightly increased, implying these market participants also capitalized on the price drop to acquire more BAYC, sending a clear signal to the community.

Concurrently, we have witnessed a 154.33% increase in buyers and a 75.52% increase in sellers. However, the total number of holders saw a slight decrease of 1.33%. It suggests that, despite high market activity, the decrease in floor prices and subsequent market volatility have deterred new investors and prompted some existing holders to offload their BAYC assets. The market is now characterized more by arbitrage opportunities.

A few <24h Buyers Capitalize on BAYC Price Drop

The sudden surge of short-term (less than 24h) BAYC buyers on June 2nd aligns with a market scenario where investors leveraged the bottoming out of prices. In essence, these quick-movers capitalised on the falling floor price, securing BAYC NFTs at the lowest possible value, predominantly from holders within the 1-7 day holding range. This observation indicates a sense of urgency and opportunism among these buyers to lock in profits given the attractive price levels. Subsequently, the rapid return to average short-term holder numbers in the following days suggests these investors offloaded their newly acquired BAYCs swiftly, reinforcing their speculative intent.

Blur Retains Dominance Among BAYC Holders

In the latest data analysis of holders' trading platforms, Blur maintains a significant presence despite a recent decline in market share. Notably, Blur's market share, though down, continues to command over 80% of the trading activity, reaffirming its dominance in the space. Moreover, Blur Blend remains the preferred choice among prolific traders, such as machibrother.eth.

Apecoin Analysis

Currently, the price of $APE is 2.08 and the trend has been downward since May. The Legends of the Mara new StarMap updated on June 13th did not bring any rebounds as we assumed last time. Although the market is keeping cooling down, the holders of $APE is still showing an upward trend.

Compared to May, the number of active addresses has a small increase, maintaining above 13,000. We believe that this is triggered by the impact of LOTM update in June. However, the relatively stable number of active addresses also means that Yuga Labs did not attract more new users, and the market response is still not positive.

Game Economy and NFTs

HV-MTL Forge uniquely combines elements of pet care games and casual world builders, creating a social and competitive environment. The game features a voting mechanism where other players can affect your score, but the competitive dynamics might favor HV-MTL whales and influencers.

HV-MTL

HV-MTL Forge launched begin on June 29th. We can see that trading volume is significantly higher on that day and the following three days.

The unveiling of HV-MTL Forge ushered in a notable surge in transaction volume and liquidity, witnessing an increase of 143.32% and 51.48% respectively. However, when we shift our focus to the growth in the number of holders, it's evident that the increment is marginal, standing at just 0.48%. This observation signifies that the game, despite its promising start, has not been successful in pulling in a substantial number of new holders.

We postulate that the true potential and success of the game hinges on the active participation of a diverse and expansive user base. Relying solely on the allure of collectors, unfortunately, might not yield substantial value in the market. As we navigate forward, our expectations lie in witnessing more dynamic and engaging updates to the game in subsequent stages. These enhancements are necessary to entice a broader demographic of collectors and to stimulate sustainable growth in the holder base.

Disclaimer: The above information is for informational purposes only. Investing in digital assets such as NFTs and cryptocurrency brings with it a high degree of risk. Please consult with a financial advisor before making any investment decisions. NFTGo does not provide financial advice and is not responsible for any losses incurred as a result of investing in digital assets.