- Yuga Labs’ attempt to revive NFT collections with a game rewards system, but users were left disappointed.
- Bored Ape Yacht Club and Mutant Ape Yacht Club are experiencing mixed results in terms of rock bottom prices and trading volumes.
Despite the recent downturn in the NFT market, Yuga Labs wanted to rejuvenate its NFT collections through its game rewards system. Yet it appears that these efforts fell short of expectations.
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There is still a long way to go for Yuga Labs
For example, the HV-MTL forging game did not meet users’ expectations. The value of the total pool was around 90k APE, leaving many holders disappointed with the rewards.
Players had invested more than $700,000 in the game, but the rewards were disappointing. While other events like Apes vs Mutants and Dookey Dash offered five-figure prizes, the rewards outside the top 500 in the HV-MTL forge game were relatively small, roughly equivalent to $45 USD.
This was a letdown, considering the high expectations Yuga Labs had set leading up to the game’s launch.
This is the reward pool for Yuga’s HV-MTL forging game.
The total pool is worth about 90k $APE.
Many holders are unhappy with the rewards.
Why? Different reasons:
1) Players have spent over 700,000 $APE within the game.
2) Top rewards from other events were significantly more valuable… pic.twitter.com/jMylSo7ddR
— wale.swoosh
(@waleswoosh) October 13, 2023
The disappointment in the game rewards system could further impact Yuga Labs, potentially affecting user trust and participation in future ventures.
How are the NFT collections going?
When analyzing the state of Yuga Labs’ NFT collections, mixed results were observed. The Bored Ape Yacht Club experienced a 2.46% drop in bottom price, and trading volume for this collection also fell 12.41% over the same period.
In contrast, Mutant Ape Yacht Club saw a 2.8% decline in its floor price. However, trading volume for this collection has increased significantly by 99%.
This suggested varying interest among collectors. Crypto Punks, another NFT collection from Yuga Labs, followed a similar trajectory. The bottom price fell, but the total value grew.
Realistic or not, here is APE’s market cap in BTC terms
Source: NFTGo
Yuga Labs’ token, APE, also had a challenging month. The price witnessed a significant decline. Additionally, the token’s network growth declined, indicating declining interest among new users.
The token’s velocity also dropped, which could impact its liquidity and adoption.
Source: Santiment
