What does Yuga Labs and its latest NFT acquisition mean for APE?

While the Bored Ape Yacht Club [BAYC] collection may be what draws the most attention to Yuga Labs, the company’s recent activities have hinted at additional aspirations. Yuga Labs purchased Crypto Punks, another popular NFT collection, in early 2022.

However, the company announced that it had acquired WENEW, the company behind the equally successful 10KTF series. The acquisition of WENEW and 10KTF was announced by Yuga Labs via a tweet posted on 14 November.

Today, we are excited to welcome the @wenewlabs and @10ktfshop team to the Yugaverse. Together we will push the boundaries of where the metaverse meets reality through creative storytelling and immersive experiences. Read more about the news here: https://t.co/6NPJgmzxck

— Yuga Labs (@yugalabs) November 14, 2022

Michael Figge, the co-founder of WENEW, would join Yuga Labs as its new Chief Content Officer as part of the startup’s acquisition. Additionally, Mike “Beeple” Winkelmann, another co-founder well-known for his 1:1 art collections, would be working with the Yuga team as an advisor.

NFTs on the radar of many?

With the help of a fictional “digital craftsman” named Wagmi-san, owners of Profile Picture (PFP) projects can have their own Non-Fungible Token (NFT) artwork customized with clothing designed just for the project. This NFT project, known as 10KTF, is story-driven. Furthermore, those who own PFP artwork can also have the physical version created for them.

The number of sales of the 10KTF showed an increasing trend after the announcement by Yuga Labs, according to data gathered from NonFungible. Looking at the sales graph revealed that 43 sales amounted to just over $16,000. This number was the most that had ever been recorded until the announcement on 14 November. The amount increased to 695, valued at more than $400,000. The number of sales had surpassed 700 at the time of this writing.

A quick look at the statistics

Additionally, a glance at the wallet statistics for the active market revealed that it had grown by nearly 3% over the previous 24 hours. The proportion of unique buyers and sellers had risen by nearly 3% and 1%, respectively. According to data from Cryptoslam, sales transactions increased by more than 2,500% over the previous 24 hours.

ApeCoin and its holders may be among the beneficiaries of this deal. Due to its status as the native token of the various Yuga Lab projects, the value of APE could increase. This would happen as more of these projects would be onboarded and more utility unlocked.

Source: TradingView

However, the latest for the performance of the asset was a decrease, as seen by a glance at APE on a daily timescale. Due to the decrease, a new support line was visible between $2.8 and $2.6. The resistance could still be located between $4.8 and $5.2, despite the fact that it had dropped. APE was down more than 1% in the trading period under observation as of the time of writing, trading at roughly $2.8.

Leave a Reply

Your email address will not be published. Required fields are marked *