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What lies ahead for APE with Yuga Labs and its latest NFT acquisition

What lies ahead for APE with Yuga Labs and its latest NFT acquisition

  • Yuga announces acquisition of WENEWS, creator of 10KTF
  • 10KTF increased sales as a result of the announcement

While Bored Ape Yacht Club [BAYC] collection is perhaps what brings Yuga Labs Most of the attention of the company’s recent actions hinted at other plans. At the beginning of 2022 Yuga Labs bought Crypto Punks, another popular NFT collection.

However, the company has announced the acquisition of WENEW, the company behind the equally successful 10KTF series. The acquisition of WENEW and 10KTF was announced from Yuga Labs via a tweet posted Nov. 14.

Michael Figge, co-founder of WENEW, will join Yuga Labs as the new chief content officer as part of the startup’s acquisition. Also, Mike “Beeple” Winkelmann, another co-founder known for his 1:1 art collections, will work with the Yuga team as an advisor.

Is NFT on the radar of many?

With the help of a fictional “digital wizard” named Wagmi-san, Profile Picture (PFP) project owners can have their own Non-Fungible Token (NFT) images with clothing designed specifically for the project. This NFT project, known as 10KTF, is based on history. In addition, those who have PFP images can also create a physical version for them.

According to Yuga Labs, the number of sales of 10KTF showed an upward trend after Yuga Labs’ announcement. data built from NonFungible. Looking at the sales chart, it turned out that 43 sales totaled just over $16,000. This number was the highest ever recorded prior to the November 14 announcement. The amount increased to 695, worth over $400,000. At the time of this writing, the number of sales exceeded 700.

A quick look at the statistics

Also, looking at the wallet statistics for an active market showed that it was up almost 3% in the previous 24 hours. The share of unique buyers and sellers grew by almost 3% and 1%, respectively. According to data from Cryptoslam, sales transactions have increased by more than 2500% in the previous 24 hours.

ApeCoin and its holders may be among the beneficiaries of this transaction. Due to the fact that it is a native token of various Yuga Lab projects, the value of APE may increase. This will happen as more projects like this get involved and more goodies are unlocked.

Source: Trading View

However, the latest performance indicator for the asset was a decline, as seen in the APE analysis on a daily time frame. Due to the decline, a new support line was visible between $2.8 and $2.6. Resistance may still be between $4.8 and $5.2, even though it has fallen. At the time of writing, the APE is down over 1% in the observed trading period, trading at around $2.8.

Written by khirou

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