ApeCoin Soars as NFT Collections See Record Revenue and Growth

• Otherdeeds for Otherside NFT collection collected the most revenue through royalties.
• Other NFT collections such as BAYC and MAYC also saw growth in terms of revenue.
• The increasing popularity of these NFT collections had a positive effect on the APE token.

ApeCoin, the world’s first NFT-based cryptocurrency, has seen a surge of activity over the past few months. This activity is mainly due to the increasing popularity of NFTs and their associated collections, such as Otherdeeds for Otherside from the Yuga Labs cohort.

The Otherdeeds collection, which focuses on digital art, gaming, and collectibles, collected an impressive $49.9 million in royalties over the course of the year, making it the most profitable NFT collection of the year. Other NFT collections, such as BAYC [Bored Ape Yacht Club] and MAYC [Mutant Ape Yacht Club], under Yuga Labs, also showed growth in this aspect. BAYC and MAYC collected $32.3 million and $25.6 million in revenue, respectively.

This increase in sales was largely due to the floor prices of both collections. According to data provided by NFT GO, the floor prices of both BAYC and MAYC grew over the past 30 days. Over the previous month, the floor price for BAYC climbed by 9.76%. The floor price of MAYC also increased by 27.71% during that time.

In addition to the increase in revenue, these collections also saw improvements in terms of volume and sales. According to data provided by Dapp Radar, the volume of the Otherdeed collection increased by 42.9% over the last 30 days. The number of sales made by the NFT also increased by 118% during the same period.

The increasing popularity of these NFT collections ended up having a favorable effect on the APE token. Whales began to show increased interest in the APE token over the last month, with the price of the token increasing by 11.6% in the last 30 days. This surge in the token’s price is largely due to the increased attention and investment in NFTs, which has resulted in more people buying APE and investing in the NFT-based cryptocurrency.

All in all, the growing popularity of NFTs and the associated collections has had a positive effect on ApeCoin. With more people buying APE and investing in the NFT-based cryptocurrency, the future looks bright for ApeCoin and its investors.