Yuga Labs Domination, Meta's Missed Marks, and a High Penguin Sale
NFT Bear Market, but there is still Bulls around
gm Explorers,
Here is your latest update on the world of non fungible. Four out ten collections come from Yuga Labs. The lowest entry into the Yuga Labs’ ecosystem would be Meebits which is one of the last collections from Larva Labs prior to their acquisition.
Over the last year NFT volume is at $32.81 billion, the 30 day volume is down 29% with only 349k ETH. When it comes to NFTs you have to decide between being an active trader or long term collector.
Data from Nansen
This Week in NFTs
Wii did not expect this from Meta. Especially knowing that it cost Facebook $500 billion to rebrand as Meta 🥲
Pudgy Penguins, a social NFT collection just had an all time high sale of 400 ETH!!!
If you look below just last month a lot of Smart Money investors were buying Pudgy Penguins at 2.85 ETH. At the time of this writing the current floor price (fp) is 3.7 ETH.
A breakdown of the network effects from Yuga Labs’ the creators of Bored Ape Yacht Club
Conclusion
Yuga Labs’ continues to dominate the market and they have been silent about their Metaverse project with “Otherside” there are a lot of other opportunities in the space.
Pudgy Penguins may start to build out with expanding their utility for collectors. CloneX, one of the leading 3D NFTs out there were acquired by Nike not too long ago, so even if there isn’t any instant news don’t discount the team not building.