Project Analysis

Yuga Eco Data Report: Insights and Trends for May 2023

Yuga Eco Data Report: Insights and Trends for May 2023

Table of Contents

Yuga Labs Eco Data Overview

In the past month, Bored Ape Yacht Club, Mutant Ape Yacht Club and Otherdeed for Otherside have experienced the lowest floor during this year. On May 10th, a large number of traders entered the market to buy their favorite collections at the lowest price. Among all of the NFTs created by Yuga Labs, MAYC had the highest monthly trading volume, which was approximately 44,480 ETH.

Data Analysis of BAYC in May

May 10th Marks the Lowest Floor

An interesting observation is that on May 10th, the floor price of BAYC dropped to its lowest point in a year, reaching 40.95 ETH. Despite this dip, it was also the day with the second highest trading volume this month, and since then, the price has been on a steady rebound.

Market Sentiment is Influencing Volume

The most significant observation from the data is the consistent downward trend in the market capitalization of BAYC, falling by a significant 44% from 820k to 460k ETH. Looking at a larger scope, the trading volume in May is only half that of April, which is still indicative of the overall market sentiment since we are in meme season.

On May 10th, there was a slight change in the holding period, with some holders holding their NFTs for less than 24 hours. This suggests that there may be new holders entering the market and seeking to make quick profits.

It is also worth noting that almost 44.5% of holders have been holding their NFTs for more than one year, and this number is steadily increasing. 10.51% of holders have not sold their BAYC NFTs since minting.

Holders Began to Rebound

According to NFTGo, the peak trading volume for this month occurred on May 2nd, followed by May 10th, with approximately 50 transactions each. The lowest point was reached on May 20th. Additionally, it was noted that the liquidity reached 0.5% on May 2nd and 10th, respectively.

Notably, there has been a decreasing trend in the number of BAYC holders since last month. However, this trend appears to have reversed on May 10th, as the number of holders began to increase once again.

Trading activity analysis of BAYC holders

Blur is the Platform That Hodlers Used Most Frequently

According to Sealanuch, more than 90% of BAYC trading activities happen on Blur while OpenSea only occupies 4.2% now.

Top collection bought by BAYC holders

Currently, the top five collections held by BAYC holders are Sewer Pass, BAYC, Otherdeed, Checks, and MAYC. Notably, three of these collections are affiliated with Yuga Labs. It is also worth mentioning that some BAYC holders have chosen to invest in other popular collections this year, such as Checks-VV edition and open edition.

Top collection sold by BAYC holders

It is worth noting that the top five collections sold are also Sewer Pass, BAYC, Otherdeed, MAYC, and Checks. Therefore, we can see that these collections have relatively high liquidity.

Whale’s Flipping Alpha

machibrother.eth has been an active trader in the market, and their recent activities could provide valuable insights for investors. In the last month, machibrother.eth has been one of the biggest traders, with a total of 89 bought and 106 sold trading activities. Upon analyzing the trends, it was observed that May 10th marked the lowest point on floor price, with only 40 ETH. This could be an indication of a potential buying opportunity for those interested in investing in BAYC.

Furthermore, on May 10th, machibrother listed ten more bored Ape Yacht Club and Mutant Ape Yacht Club on Blur. While this could be a way to earn Blur rewards or increase the asset, it is important to consider past flipping experiences and market trends before making any investment decisions.

Top Sales

Over the past 30 days, the most expensive ape that has been sold is #4980, which was purchased for a whopping 530ETH. The owner of this ape is 0x66666F, who is also a whale with a portfolio value of 743.91ETH. Following #4980, the next most expensive apes sold were #7403 and #6805.

Yuga Pricing and Prediction

Bored Ape NFT Pricing and Listing

Finding opportunities by discovering undervalued NFTs

If you want to estimate the price of more NFTs, NFTGo provides a beta version of NFT pricing that covers most mainstream NFTs and reaches more than 90% accuracy. You can obtain the API key by filling out this form.

Trading signals for Yuga NFTs

Possibilities of Rise and Decline (NFA)

RSI Strategy: A trading signal designed according to the RSI’s characteristics of relative strength of buying and selling. Signals below the range of fluctuation indicate buy, whereas signals above the range of fluctuation indicate sell. The greater the deviation, the stronger the signal.

Apecoin Analysis

Currently, the price of $APE is 3.47 and the last highest mount is in Feb 2023. At that time, we saw the Otherside 2nd trip come out as well as the Dookey dash. With the legend of Mara coming in the next few weeks, the price of $APE might have some rebounded as previously. Though the market is cooling down, the holder of $APE is constantly growing in the past several months.

Currently, there are over 120,000 addresses holding $APE. However, the number of active $APE addresses has been declining since February 2021, and it is currently below 10,000 for the first time this year.

Yuga Eco in NFTFi

Blend has become the top lending platform in terms of its borrowing volume and daily users. As of now, the number of daily users on Blend is around 300-400, which is equivalent to the total number of users on other lending platforms.

More than 6000 apes are borrowed on these platforms and 88 apes are liquidated in the past. Among all the platforms, MAYC is still the most collections that are deposited.

Game Economy and NFTs

Legends of the Mara (LoTM) offers an intricate gameplay mechanism that incorporates a plethora of strategic choices, each leading to distinctive outcomes. Let’s take a deep dive into related collections and examine their performance

Otherside Vessels

The initial fervor surrounding the game’s launch was marked by a seller-dominated market, with selling activity surpassing buying by a notable margin. This trend, however, evolved significantly after the first update. Both buying and selling activities saw a substantial drop, roughly around 70%, indicating a shift from the launch’s hype-driven market to a more stable and mature trading environment.

However, despite the reduced transactional activity, the number of holders demonstrated a slight but positive growth of 1.7%. This trend implies a steady accumulation of Vessels NFTs by dedicated players, likely focusing on the strategic gameplay aspects.

From the initial launch to the second update, the floor price and average price demonstrated a steady but moderate decline. Specifically, the floor price dropped from 0.35 ETH at launch to 0.29 ETH at the second update. The volume, however, saw a more dramatic decrease from the launch’s 1.37K ETH to the second update’s 86.15 ETH. In essence, these trends depict a market maturing after an initial burst of enthusiasm. They underscore the important role of game updates in stimulating trading activity, with a shift towards a more holder-centric environment.

Otherside Koda

In the strategic ecosystem of “Legends of the Mara”, Otherside Koda takes on a pivotal role. As the main guardians of Otherside, they excel at farming, casting spells, and hunting, thus setting them apart from Vessels in terms of both functionality and value.

The trading activity surrounding Otherside Koda NFTs presents an intriguing counterpoint to that of Vessels. Unlike Vessels, the seller and buyer activity for Koda appears more balanced, indicating an equally matched interest and supply. What is notable, however, is the increase in the number of Koda holders by 3.07%, a greater increase compared to Vessels. This could be attributable to Koda’s enhanced functionality within the game, potentially appealing to a broader or more dedicated player base.

The floor price and average price decreased, but they started from a significantly higher level. From the initial 10.48 ETH floor price and 10.85 ETH average price at launch, we saw a reduction to 6.8 ETH and 7.34 ETH respectively at the second update.

Legends of the Mara has promising potential in the NFT gaming market. Both developers and players need to balance economic considerations with the fun and excitement of the game. Perhaps an in-game tutorial or a comprehensive guide could be introduced to help new players understand game mechanics better.

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.

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