Highlights
- The floor price fluctuates in the middle of the month, and the floor price at the end of the month is the same as the end of the previous month, and the trading trend is affected by whale trading.
- The shrinkage of BAYC’s market value and the decrease in trading volume are strongly correlated with the total NFT market value, but at the same time, they highlight its market leadership position.
- The increase in the total number of holders indicates that BAYC maintains its attractiveness as a long-term investment in the process of market consolidation.
- The amount of ETH borrowed by BAYC shows its strong market performance. The different behaviors in the Yuga Labs ecosystem–MAYC holders seeking liquidity and BAYC holders pursuing long-term value–highlight the unique community culture.
- Although the activity volume surged at the launch of HV-MTL Forge, the complexity of the game may hinder future player participation. The floor price of LoTM has risen, but user acquisition and trading volume have declined.
- Boredgentleman.eth believes that Crypto + NFTs + AI = Metaverse will bring the next market hotspot.
In this report, we will explore the data from multiple dimensions of the Yuga ecosystem, including Yuga Labs’ news and upcoming events, data analysis of BAYC and ApeCoin, holder trends, highest sales, lending situations, and game economy.
In this report, we have invited @boredgentleman, the holder of Bored Ape #2069 and a long-term NFT trader. He will provide some insider insights on various topics throughout the report. Let’s start with the news section!
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News and Upcoming Events
Fuck It Saturday: BAYC announced that it will celebrate the two-year anniversary of MAYC in Miami, Florida on August 26, 2023. Tickets have been announced.
Fuck it Saturday.
Celebrating 2 years of MAYC next month in Miami, FL.
August 26th, 2023 at Oasis Wynwood.Hosted by @BoredApeYC, @mutant_cartel, & @AppliedPrimate. More details on tickets powered by @tokenproof coming later this month. pic.twitter.com/3rDWJuV5C2
— Bored Ape Yacht Club 🍌 (@BoredApeYC) July 13, 2023
10KTF Battle.town Season 2: Season 2 of Battle.town launched on July 14th. This season introduces a series of community-wide sieges and new features for more efficient gameplay. The platform now supports running on iOS and Android devices and includes a Loadout Optimizer for strategic planning.
Global Community Events: Yuga Labs is planning to hold speeches and community events globally, starting with Tokyo. The method of obtaining ApeFest Hong Kong tickets has been announced: BAYC and MAYC holders can enter for free but need to pay a refundable deposit. Tickets will be provided on a first-come, first-served basis. Details of events in Korea and Singapore will be provided later. The events will also offer virtual participation and host community-sponsored events worldwide.
Made by Apes Platform: Yuga Labs partnered with SaaSy Labs to launch the platform created by Apes on July 25th. The platform allows BAYC and MAYC holders to use the “Made by Apes” badge in their Apes projects. The platform will maintain a directory of valid licenses and projects. We interviewed @Boredgentleman, who said, “Made by Apes is a great platform where people can not only see how IP is being used, but also provides us with the opportunity to showcase our ongoing projects to many people.”
We’re proud to partner with @SaaSyLabs, innovators in on-chain licensing, to launch our milestone product for the Ape community. https://t.co/ZRjl0zPGVU
— Yuga Labs (@yugalabs) July 24, 2023
CryptoPunks Archiving Book: Yuga Labs will collaborate with @zakgroup to publish the first dedicated book archiving CryptoPunks in the fall of 2023. This book will capture untold collection stories from the community.
The first book dedicated to archiving CryptoPunks is coming Fall 2023 published in partnership with @zakgroup. The book unveils untold stories of the collection by tapping the passionate community to contribute to the written record of Punks. https://t.co/tEGoATXRR2 pic.twitter.com/cjHtKV2y1s
— CryptoPunks (@cryptopunksnfts) June 23, 2023
Data Overview
| Floor Price | Floor Price (%) | Trading Volume | Trading Volume (%) | Holder Count (%) | |
| Bored Ape Yacht Club | 29.06 | +1.97% | 29.8K | -78.93% | +0.92% |
| Mutant Ape Yacht Club | 5.64 | +18.82% | 16.89K | -64.77% | +1.6% |
| Otherdeed for Otherside | 0.611 | +1.66% | 1.57K | -40.58% | -1% |
| Otherside Vessels | 0.1645 | +20.96% | 395.09 | -44.15% | -0.17% |
| Otherdeed ExLianGuainded | 0.3537 | -15.79% | 970.18 | -38.74% | +1.16% |
| Otherside Koda | 3.99 | +9.32% | 950.46 | -57.4% | +0.97% |
| HV-MTL | 0.56 | +24.44% | 1.98K | -58.4% | -2.57% |
Floor Price: BAYC floor price stability & whale trading activity impacting market dynamics
The floor price experienced a 11.53% pullback to 29.49 ETH this month, although it reached a peak of 35.28 ETH within the month, the floor price at the end of the month remains the same as the previous month. Overall, the market is trending towards stability with no major fluctuations.
Floor prices and whale transactions of Bored Ape Yacht Club, data source: NFTGo.io
The fluctuation of floor prices earlier this month was caused by whales buying at lower floor prices and selling at the peak on July 7th. This trend gradually transformed into a slow decline in prices, prompting whales to strategically buy more. It’s worth noting that Machi accounted for 80% of whale transactions, which had a significant impact on the overall market performance.
Regular transactions and whale transactions of Bored Ape Yacht Club, data source: NFTGo.io
In fact, whale activity seems to have a greater impact on market dynamics than floor prices do on regular traders. The price surge triggered by whale transactions on July 8th also stimulated a slight peak in regular buyers and sellers, demonstrating a chain reaction to the broader market. In addition, the increase in whale activity seems to have sparked higher trading frequency among regular users. This indicates a symbiotic relationship, where whale trading patterns can ignite market excitement and indirectly boost overall trading activity. Therefore, although whales may drive significant market fluctuations, they also play a crucial role in activating regular buyers and sellers.
Market Cap and Trading Volume: BAYC’s Market Cap Contracts with Strong Influence on the Overall NFT Market
Despite the continued contraction of BAYC’s market cap, the significant 75% decrease in trading volume in July indicates a wait-and-see attitude adopted by holders towards BAYC’s price trends. We will analyze this trend based on the behavior of holders. The market cap at the end of the month is the same as the figure in October 2021. However, the current community culture is noticeably more cohesive and self-sustaining than before. We remain optimistic about Yuga Labs’ continued growth driving BAYC’s future progress.
Total market cap and trading volume of Bored Ape Yacht Club, data source: NFTGo.io
Interestingly, there is a strong correlation between BAYC’s market cap and the total NFT market cap, highlighting BAYC’s market leadership position, which is unmatched by other NFT collections. This connection also implies that valuable insights can be inferred about BAYC’s trends from broader market conditions for strategic positioning.
Total market capitalization and trading volume of NFT market, data source: NFTGo.io
Trading and liquidity: Transfers exceed sales & more buyers than sellers
From the perspective of liquidity, we observe that the number of NFT transfers is significantly higher than the number of purchases and sales. In BAYC transactions, the number of buyers slightly exceeds the number of sellers, and the total number of holders also shows a slight increase. This suggests that the market is consolidating and accumulating momentum for possible future dynamics.
Despite the decrease in market capitalization, Yuga Labs as a whole continues to attract a portion of investors and NFT enthusiasts. This endurance demonstrates the intrinsic appeal of BAYC and its resilience in volatile markets, highlighting the feasibility of BAYC as a long-term investment.
Holders: BAYC maintains its appeal and attracts new holders
The dominance of long-term holders characterizes the holding pattern of BAYC, showing slow but steady growth. In contrast, the number of NFTs held for less than 24 hours plummeted from 263 to 24 within a month. On the other hand, the number of BAYCs held for a month increased by approximately 200. This confirms our observation that BAYCs purchased at the monthly floor price are being retained rather than resold during price recovery.
Holders seem to expect further price appreciation. By the end of the month, 46% of BAYCs had been held for over a year, with only about 50 BAYCs re-entering the market. This trend indicates strong investor confidence in BAYC and a willingness to hold BAYC for the long term, further reinforcing its value potential.
boredgentleman.eth is also one of the long-term holders. Regarding his investment approach, he said, “Let me be clear, I’m more of a long-term trader than a day trader. I look for projects with really good ideas, teams composed of people who have been in the field for a while, and who know how to communicate everything to the public in a way that generates hype. So yes, I’ll buy into or mint a project, and then wait a few months to make a profit.”
The total number of holders remains relatively stable, although there has been a slight decline in the number of investment addresses holding more than 5 BAYCs. This suggests that these addresses, which may be arbitrageurs, may sell some NFTs when prices rebound. However, the significant increase in the number of holders with 1 BAYC brings vitality to the community.
Highest sales: Decrease in high-value BAYC transactions, indicating a less liquid market
Over the past month, BAYC #1734 has recorded its highest sales price of 600 ETH. It is worth noting that only four BAYCs have exceeded the price of 100 ETH, which is a significant contrast to two months ago when more than 10 BAYCs were sold above this price threshold. It is also worth noting that holder 0x66666F has purchased BAYC for the second time at a price exceeding 100 ETH, the first time being on May 16th at a price of 530 ETH.
This change highlights a market with lower liquidity and reduced price volatility. In other words, high-value transactions are becoming less frequent, which suggests that investors may be more cautious or adopt a wait-and-see attitude in the current market environment. This trend underscores the need to continuously monitor the market to assess the changing investor behavior and market sentiment.
Lending Status: MAYC holders seek liquidity & BAYC holders pursue long-term value
Data from @LianGuailiatzis reveals interesting insights into the lending protocols on Blend for the Yuga Labs ecosystem. Although BAYC does not dominate in terms of market share, it has demonstrated strong performance in terms of loaned ETH, highlighting its significant influence in the market. In the Yuga Labs ecosystem, the loaned amount for MAYC exceeds that of BAYC, indicating different cultures within the same ecosystem.
MAYC holders seem to be more inclined to utilize their holdings for liquidity, while BAYC holders view their holdings as long-term investments. The difference in behavior patterns emphasizes the unique identities within the community, with MAYC holders focusing on immediate liquidity benefits and BAYC holders prioritizing long-term value appreciation.
Overall, according to data from @sealaunch, the trading volume for Yuga Labs collections on Blur decreased by approximately 50% in July, but they still account for about 30% of the total market volume, serving as a key pillar of market liquidity. Although the trading volume has declined, the proportion remains relatively stable, indicating that the trading activities of these collections are consistent with the broader market movements and have not been affected by community behavior or sentiment.
Therefore, for holders, the Yuga Labs series aligns with the overall market trend, and BAYC itself does not have significant drawbacks. The resilience in the face of market fluctuations highlights the strength of BAYC and reinforces its position as a powerful and reliable asset within the NFT space.
Apecoin: $APE Price Slightly Rebounds, Number of Holders Continues to Grow
Currently, the price of $APE is 2.35. Despite the rebound from the level below 2 in early July, community confidence is still fragile. On July 14th, the official Twitter account of Apecoin released the Q1 2023 report for $APE. However, the data for 2022 dominated, and the lack of timely updated fresh data unfortunately triggered negative emotions among community members. Nonetheless, we still see the number of token holders continue to grow.
Game Economy and NFTs
On June 29th, Yuga Labs launched HV-MTL Forge, a game that combines casual world-building and pet games, ultimately ending with competitive dungeon crawling. Players can win up to six upgrades for their HV, reaching Evo2 form.
HV-MTL Forge Release Stimulates the Market & Complexity Factors of the Game
In general, the release of HV-MTL Forge brought a temporary surge in market dynamics and had a significant impact. This is evident in the significant increase in trading volume among holders surrounding the release, as well as the witnessed 20.67% growth in the base price over the past month. However, we note that this impact seems to gradually fade over time.
HV-MTL Floor Price and Regular Trading, data source: NFTGo.io
Boredgentleman.eth commented, “Forge is a fun game, although it can be challenging to play. Rewards mainly come in the form of decorations, and I’m not sure if they can be used now. So my strategy revolves around accumulating as much energy as possible in the game to compete in ‘The Riff’.”
HV-MTL Trading Volume, Liquidity, and Holders, data source: NFTGo.io
From here, we can infer that the inherent complexity of the game may raise the entry barrier and potentially hinder the progress of subsequent players. This is confirmed from the perspectives of trading, liquidity, and holders. The overall decrease in these data points indicates that the game may not be attractive to future players. This highlights the necessity of considering reward mechanisms to promote increased participation and sustained impact.
Otherside Vessels: LoTM Price Rises & Decrease in User Acquisition and Trading Volume
LoTM, another game by Yuga Labs, underwent updates last month and hosted offline gatherings. Despite a 20.51% increase in the base price, there was a slight decline in new user acquisition and trading volume.
The floor price and regular transactions of Otherside Vessels, data source: NFTGo.io
On the one hand, many other series collections have also joined LOTM, which is a good sign for PFPs to become more functional. On the other hand, the offline event specifically held for the 40 Voyagers small group in LA, aiming to enhance the participation atmosphere for Otherside, has not successfully attracted a wider player base.
The trading volume, liquidity, and holders of Otherside Vessels, data source: NFTGo.io
However, we still see the strong confidence of Ape holders. In our interview, boredgentleman said, “I don’t think this particular game has had any impact on the overall positivity of the community, but it is a clear sign that Yuga Labs wants to fulfill their promises. They will.” Despite the current shortcomings, this sentiment emphasizes the community’s trust in the game being developed by Yuga Labs.
Summary
The NFT market remained weak in July, with a market sentiment index of 17, indicating that pessimism still persists. Many traders have suffered losses as prices continue to decline from last year’s bubble peak. However, there are some encouraging signs emerging. Blue-chip NFTs, represented by the Bored Ape Yacht Club collection, have rebounded from the lows earlier this summer. This may indicate a bottoming process and potential recovery for top-tier NFT projects.
Boredgentleman.eth provides a forward-looking perspective, “Yes, unfortunately, there is very little interest in NFTs right now, and the market reflects that digitally. My mind is on the Metaverse, and others really can’t bring their attention back to this space. Crypto + NFTs + AI = Metaverse. It’s going to be crazy.”
Overall, while the current landscape may present challenges, many investors still exhibit enduring confidence in the long-term value of the Metaverse and meticulously crafted NFT projects. Their focus remains firmly on the long-term potential of transformative technology.
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