Reading Yuga Labs' performance in May: The darkest moment for the NFT leader?

Author: NFTGo Research

In the past month, Bored Ape Yacht Club, Mutant Ape Yacht Club, and Otherdeed for Otherside have all dropped to their lowest prices of the year. On the lowest point of May 10, a large number of traders entered the market to snap up their desired NFT collectibles. Surprisingly, among all NFTs created by Yuga Labs, MAYC had the highest monthly trading volume, approximately 44,480 ETH.

BAYC Data Performance

Reached Yearly Low on May 10

On May 10, BAYC's floor price dropped to its lowest point in a year, reaching 40.95 ETH. Despite the decline, this day was also the second-highest trading volume day of the month, and since then, BAYC prices have been steadily rebounding.

Market Sentiment Affects Trading Volume

An important observation is that BAYC's market capitalization has shown a continuous downward trend, dropping from 820,000 ETH to 460,000 ETH, a decline of 44%. From a longer time perspective, May's trading volume was only half of April's, indicating the overall market sentiment since we entered the meme season.

On May 10, the duration users held NFTs changed, with some holders keeping their NFTs for less than 24 hours. This suggests that new investors may be entering the market seeking quick profits. Notably, nearly 44.5% of holders have held their NFTs for over a year, and this number is steadily increasing. 10.51% of holders have not sold their BAYC NFTs since minting.

Number of Holders Begins to Rebound

According to NFTGo data, the peak trading volume this month occurred on May 2, followed by May 10, with daily trading volumes around 50 transactions, hitting a low on May 20.

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

BAYC Holder Trading Activity Analysis

Blur is the Most Frequently Used Platform by Holders

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

Top Collectibles Purchased by BAYC Holders

Currently, the top five collectibles held by BAYC holders are Sewer Pass, BAYC, Otherdeed, Checks, and MAYC. Notably, three of these series belong to Yuga Labs. Additionally, some BAYC holders have chosen to invest in other popular collectibles this year, such as Checks-VV edition and open edition.

Top Collectibles Sold by BAYC Holders

Similarly, the top five collectibles sold by BAYC holders are also Sewer Pass, BAYC, Otherdeed, MAYC, and Checks. Therefore, we can conclude that these collectibles have good liquidity.

Whales' Reversal

machibrother.eth has been an active trader in the market, and their recent on-chain activity can provide valuable insights for investors. Last month, machibrother.eth was one of the largest traders, with 89 buys and 106 sells. Analyzing the trends reveals that May 10 was the lowest point for BAYC's floor price, at only 40 ETH, which could be a potential buying opportunity for those interested in investing in BAYC.

Additionally, on May 10, machibrother listed over ten BAYC and MAYC on Blur. This move may be aimed at earning Blur rewards, but it is important to consider past reversal experiences and market trends before making any investment decisions.

Highest Transaction Price

In the past 30 days, the most expensive BAYC sold was #4980, which transacted for as much as 530 ETH. The owner of this ape is 0x66666F, a whale with a portfolio valued at 743.91 ETH. Following #4980, the next most expensive BAYCs are #7403 and #6805.

Yuga Prices and Predictions

Bored Ape NFT Prices and Listings

If you want to estimate the prices of more NFTs, NFTGo offers a beta version of an NFT pricing tool that covers most mainstream NFTs. You can obtain an API key by filling out this form.

Trading Signals for Yuga NFTs

Possibilities of Ups and Downs (NFA)

RSI Strategy: Trading signals designed based on the buy/sell strength characteristics of RSI. A value below the volatility range is a buy signal, while a value above the volatility range is a sell signal. The greater the deviation, the stronger the signal.

Apecoin Analysis

Currently, the price of APE is $3.47 (Note: the price at the time of writing is approximately $3.1), with the last peak occurring in February 2023, coinciding with the Otherside 2nd trip and Dookey dash launch. Although the market is cooling down, the number of APE holders has been steadily increasing over the past few months.

Currently, the number of APE holder addresses has exceeded 120,000. However, since February 2021, the number of active addresses holding APE has been declining and is now below 10,000.

Yuga's NFTFi Ecosystem

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

Over 6,000 apes have been lent on these platforms, with 88 being liquidated. Among all platforms, MAYC remains the NFT collection with the highest amount under custody.

NFT and Game Economy

Legends of the Mara offers a complex game mechanism with numerous strategic choices, each leading to different outcomes.

Otherside Vessels

When the game was initially released, the market was seller-dominated, with sales significantly outpacing purchases. However, this trend changed significantly after the first update. Both buying and selling activities saw a substantial decline, dropping by about 70%, indicating that the market has shifted from hype-driven at launch to a more stable and mature trading environment.

However, despite the decrease in trading activity, the number of holders still saw a slight increase of 1.7%. This means that dedicated players are steadily accumulating Vessels NFTs.

From the initial release to the second update, the floor price and average price of Vessels NFTs showed a steady decline. Specifically, the floor price dropped from 0.35 ETH at launch to 0.29 ETH at the second update. However, trading volume decreased dramatically from 1.37K ETH at launch to 86.15 ETH at the second update. Essentially, these trends depict a market maturing after the initial hype.

Otherside Koda

In the strategic ecosystem of Legends of the Mara, Otherside Koda plays a crucial role. As the main guardians of Otherside, they excel in farming, casting spells, and hunting, thus distinguishing themselves in both function and value from Vessels.

The trading activity of Otherside Koda NFTs presents an interesting contrast to that of Vessels. Unlike Vessels, the buying and selling activities of Koda appear to be more balanced, indicating a relatively matched interest and supply. However, the number of Koda holders increased by 3.07%, a greater increase than that of Vessels. This may be due to the enhanced functionalities of Koda in the game, attracting a broader or more dedicated player base.

The floor and average prices of Koda have decreased, while the initial prices were significantly higher. From an initial floor price of 10.48 ETH and an average price of 10.85 ETH at launch, we see that they dropped to 6.8 ETH and 7.34 ETH, respectively, at the second update.

Legends of the Mara has vast potential in the NFT gaming market. Developers and players need to strike a balance between economic incentives and gaming enjoyment. Perhaps in-game tutorials or comprehensive guides could be introduced to help new players better understand the game mechanics.