Counting the performance of Yuga Labs in May: the darkest moment of the NFT leader?

The floor price of BAYC fell to a new low this year, and the monthly trading volume dropped by 50% month-on-month.

Written by: NFTGo Research

Compilation: Luffy, Foresight News

Over the past month, Bored Ape Yacht Club, Mutant Ape Yacht Club and Otherdeed for Otherside have all hit their lowest prices of the year. At the lowest point on May 10, a large number of traders entered the market to snap up their favorite NFT collections. Surprisingly, of all the NFTs created by Yuga Labs, MAYC has the highest monthly transaction volume at approximately 44,480 ETH.

BAYC data representation

May 10 hit year low

On May 10, the floor price of BAYC fell to its lowest point in a year, reaching 40.95 ETH. Despite the dip, the day also saw the second-highest trading volume of the month, and BAYC prices have been steadily recovering since then.

Market Sentiment Affects Trading Volume

An important observation is that the market value of BAYC has continued to decline, falling from 820,000 ETH to 460,000 ETH, a drop of 44%. Looking at the longer-term dimension, trading volume in May was only half that of April, which speaks to the overall market sentiment since we entered meme season.

On May 10, the time for users to hold NFT changed, and some holders held NFT for less than 24 hours. This suggests that there may be new investors entering the market looking for a quick profit. It is worth noting that nearly 44.5% of holders have held NFTs for more than a year, and this number is steadily increasing. 10.51% of holders have not sold their BAYC NFT since minting.

The number of holders began to rebound

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

The number of BAYC holders has been trending downward since last month. However, this trend appeared to reverse on May 10 and the number of holders began to increase.

BAYC Holder Trading Activity Analysis

Blur is the most frequently used platform by holders

According to Sealanuch, more than 90% of BAYC transaction 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 the series are affiliated with Yuga Labs. In addition, some BAYC holders chose to invest in other popular collectibles this year, such as Checks-VV Edition and Open Edition.

Top collectibles for sale by BAYC holders

Likewise, the top five collections sold by BAYC holders were Sewer Pass, BAYC, Otherdeed, MAYC and Checks. Therefore, we can think that these collections have good liquidity.

The Inversion of the Giant Whale

machibrother.eth has been an active trader in the market, and its recent on-chain activity can provide valuable reference for investors. machibrother.eth has been one of the top traders in the last month with 89 buys and 106 sells. After analyzing the trend, it was found that May 10th was the lowest floor price of BAYC, only 40 ETH, which may be a potential buying opportunity for those interested in investing in BAYC.

In addition, on May 10, machibrother listed more than ten BAYC and MAYC on Blur. machibrother may be doing this to earn Blur rewards, but it's important to consider past reversal experience and market trends before making any investment decisions.

Highest transaction price

In the past 30 days, the most expensive BAYC sold was #4980, which was traded for a whopping 530ETH. The owner of this ape is 0x66666F, a whale with a portfolio value of 743.91ETH. After #4980, the next most expensive BAYCs are #7403 and #6805.

Yuga Price and Forecast

Bored Ape NFT Price and Pending Orders

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

Trading Signals for Yuga NFT

** Likelihood of Up and Down (NFA) **

RSI Strategy: A trading signal designed based on the buying and selling strength characteristics of RSI. Below the range is a buy signal, while above the range is a sell signal. The larger the deviation, the stronger the signal.

Apecoin Analysis

Currently, APE is priced at $3.47 (note: around $3.1 at press time), and the last high was in February 2023, when the Otherside 2nd trip and Dookey dash launched. While the market is cooling, holders of APE have been growing over the past few months.

At present, the addresses of APE holders have exceeded 120,000. But since February 2021, the number of active addresses holding APE has been declining and is currently below 10,000.

Yuga's NFTFi Ecosystem

Blend has become the top NFT lending platform in terms of lending volume and daily users. So far, Blend has around 300-400 daily active users, equivalent to the sum of users of other lending platforms.

A total of more than 6,000 apes were lent on these platforms, of which 88 were liquidated. Across all platforms, MAYC remains the most hosted NFT collectible.

NFT and Game Economy

Legends of the Mara offers a complex game mechanic with tons of strategic choices, each of which leads to a different outcome.

Otherside Vessels

When the game was first released, the market was dominated by sellers, with selling activity significantly outpacing buying activity. However, this trend changed significantly after the first update. Both buying and selling activities have fallen sharply, by around 70%, indicating that the market has shifted from a hype-driven launch to a more stable and mature trading environment.

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

From the first release to the second update, the floor price and average price of Vessels NFT showed a steady and downward trend. Specifically, the floor price dropped from 0.35 ETH at launch to 0.29 ETH at the second update. However, transaction volume dropped significantly from 1.37K ETH at the time of publication to 86.15 ETH in the second update. Essentially, these trends depict a market maturing after initial hype.

Otherside Koda

In the strategic ecology of Legends of the Mara, Otherside Koda plays a pivotal role. As the main guardians of the Otherside, they specialize in farming, spellcasting, and hunting, and thus differentiate themselves from Vessels in function and value.

The trading activity of the Otherside Koda NFT contrasts interestingly with that of Vessels. Unlike Vessels, Koda's buyer-seller activity appears to be more balanced, suggesting that interest and supply are fairly matched. However, the number of Koda holders increased by 3.07%, a larger increase than Vessels. This could be due to Koda's enhancements in the game, which would appeal to a wider or more dedicated player base.

Koda flooring and average prices are down, while initial prices are significantly higher. From a floor of 10.48 ETH and an average price of 10.85 ETH at the time of the initial release, we see them drop to 6.8 ETH and 7.34 ETH respectively on the second update.

Legends of the Mara has great potential in the NFT game market. Both developers and players need to strike a balance between financial incentives and game fun. Perhaps an in-game tutorial or comprehensive guide could be introduced to help new players better understand the game mechanics.