Crypto News

Yuga Labs NFT trading volume plummets amid crypto sell-off

The Fall of the Otherdeed NFTs drew massive industry attention last week as it sparked unprecedented high demand Ethereum fees.

Otherdeeds is the NFT collection for conquering virtual land in Otherside, the Metaverse space created by Yuga Labs – the parent company behind Bored Apes Yacht Club (BAYC) and Mutant Ape Yacht Club (MAYC).

However, since the crypto bloodbath started with the Bitcoin-Dumping to the lowest level since last July, transaction volume for blue-chip NFT projects has also declined significantly.

  • Trading volumes of Yuga Labs’ famous collections, including Otherside, BAYC, and MAYC, all declined significantly, although they are market capitalization still be ranked as the best NFT projects.
  • Otherdeed’s floor price has fallen below 3 ETH, and its daily trading volume has remained below $7 million – both figures recording their lowest points since Otherside’s launch on May 1st. On the day of launch, Otherdeed’s daily transaction volume grew to over $375 million.
  • According to NFT’s analytics platform NFTGO, the average price of a BAYC has fallen by over 23% over the past seven days, with each being worth around 118 ETH.
  • Similar to Otherdeed, the asset’s transaction volume has declined significantly since May 1st. Despite such a drop, BAYC is still the second most valuable NFT project — right after Cryptopunks — with its market cap remaining above $1.1 billion.
  • Yuga Labs’ second-largest NFT project, MAYC, also came under a lot of downward pressure last week. Its daily trading volume was $2.9 million on May 9 – a notable drop from the ATHwhich was listed at $43 million on the day Otherside launched.
  • The NFT market seems to be calming down from the earlier hype fueled by the highly anticipated and speculative virtual land sale illustrated by Otherside. Data from NAFGO shows that the total trading volume of NFT transactions fell by nearly 30% as the crypto swoop deepened over the past week.

Source: Crypto News Deutsch

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