Yuga Labs’ attempt to revive NFT collections with a gaming rewards system, but users were left disappointed.
Bored Ape Yacht Club and Mutant Ape Yacht Club experience mixed results in floor prices and trading volumes.
Despite the recent downturn in the NFT market, Yuga Labs aimed to rejuvenate its NFT collections through its gaming rewards system. Yet, it seems these efforts didn’t meet expectations.
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Still a long way to go for Yuga Labs
For instance, the HV-MTL forge game fell short of users’ expectations. The total pool’s value was around 90k APE, leaving many holders disappointed with the rewards.
Players had invested over 700k $APE into the game, but the rewards were perceived as underwhelming. While other events like Apes vs Mutants and Dookey Dash offered five-digit prizes, the rewards outside the top 500 in the HV-MTL forge game were relatively small, roughly equal to $45 USD.
This was a letdown, considering the high expectations set by Yuga Labs in the lead-up to the game’s launch.
This is the rewards pool for Yuga's HV-MTL forge game.
Total pool is worth about 90k $APE.
Many holders are unhappy with the rewards.
Why? Several reasons:
1) Players spent more than 700k $APEwithin 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 gaming rewards system could further impact Yuga Labs, potentially affecting user trust and participation in future ventures.
How are the NFT collections doing?
Analyzing the state of Yuga Labs’ NFT collections, mixed results were observed. The Bored Ape Yacht Club experienced a 2.46% decline in its floor price, and the trading volume for this collection also fell by 12.41% during the same period.
In contrast, the Mutant Ape Yacht Club saw a 2.8% drop in the floor price. However, the trading volume for this collection increased significantly by 99%.
This suggested varying interest among collectors. Crypto Punks, another NFT collection from Yuga Labs, followed a similar trajectory. Its floor price decreased, but its overall value grew.
Realistic or not, here’s APE’s market cap in BTC’s terms
Source: NFTGo
Yuga Labs’ token, APE, also faced a challenging month. Its price witnessed a significant decline. Additionally, the Network Growth of the token fell, indicating a waning interest among new users.
The Velocity of the token also declined, which could have implications for its liquidity and adoption.
Source: Santiment
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