Will Yuga Labs' new products revive the NFT space?
NFT juggernaut Yuga Labs was rumoured to be producing a new NFT Collection called "Mecha Apes" for a late-year release in September.
Space to its former glory with the upcoming launches of their new products?
It was believed that NFT juggernaut Yuga Labs was allegedly developing a new NFT Collection dubbed "Mecha Apes" with a potential release at the tail end of the year earlier in September of this year.
Launch of Mecha Apes announced
This appears to be the case since Yuga Lab's Community Manager, Alexei Koseff, tweeted that the NFT behemoth would be releasing the eagerly awaited "Mecha Apes" by the end of the year.
Additionally, Alexei disclosed that a brand-new gaming platform based on blockchain will debut concurrently with Mecha Apes and be backed by their native token Apecoin (APE).
This December, Mecha APES BY Yugalabs and the new Blockchain gaming platform powered by $APE will be made available.
According to a recent tweet from Alexei, Yuga Labs has made its whitelist available for users to sign up for and reserve seats for the impending NFT drop.
NFT Sales Are Declining Sharply
NFTs have recently seen a dramatic fall in trading volumes. From a record high in January of this year to just $466 million in September, it dropped by 97%. OpenSea, the most popular NFT trading platform in terms of volume, saw a 75% decrease in sales from just two months prior.
The nascent NFT market benefited from rising cryptocurrency prices and investors' willingness to take on high-risk investments in 2021, but these circumstances have drastically changed in 2022 as the central bank's increase in interest rates and the most recent FTX scandal have led investors to shun risky investments like digital assets.
Will This Start An NFT Pump?
All eyes are now on Yuga Labs, an NFT powerhouse with notable projects like Bored Ape Yacht Club (BAYC), Bored Ape Kennel Club (BAKC), and the metaverse project known as "The Otherside," to revive the NFT industry with the release of its next products.
The company also recently acquired the intellectual property rights to CryptoPunks, which was once viewed as BAYC's biggest rival.
