In a whirlwind of creativity and innovation, Yuga Labs has managed to weave an enchanting tale within the realms of the Web3 universe. Like a phoenix rising from the ashes, this remarkable company has transformed itself from obscurity to becoming the Disney of Web3, captivating the imaginations of crypto enthusiasts worldwide in a mere two years.
As we approach the momentous second anniversary of the Bored Ape Yacht Club (BAYC) on April 30th, it’s time to embark on a captivating journey through the realm of Yuga Labs. This visionary collective has not only made waves in the NFT and dapp world but has become a shining beacon of trust and community dedication amidst the ever-changing tides of the industry. While many projects have faltered, leaving their communities disillusioned, Yuga Labs stands tall as a true testament to commitment, consistently delivering value, and nurturing its cherished NFT holder community.
Yuga Labs company timeline
The Birth of Yuga Labs:
A Humble Genesis In the midst of the ever-evolving blockchain landscape, Yuga Labs emerged as a small-scale entity with big dreams. A group of visionaries fueled by a passion for both technology and art, set out to craft a unique narrative within the realm of Web3. Undeterred by the challenges ahead, they embarked on their journey armed with determination, creativity, and an unwavering belief in the potential of decentralized technologies.
Yuga Labs, a company founded in February 2021 and headquartered in Delaware, United States, has witnessed remarkable growth over the last couple of years. In this time, it has acquired two highly valuable NFT projects within the community, namely CryptoPunks and Meebits. Additionally, Yuga Labs is currently in the process of developing its own gaming metaverse called Otherside.
At present, Yuga Labs boasts an impressive collection of 16 NFTs, which make up 34.6% of the entire NFT industry. The company has achieved a remarkable trading volume of $2 billion in the last two quarters alone. This success can be attributed to Yuga Labs’ unwavering dedication to integrating art, identity, ownership, utility, interoperability, and culture, all with the aim of advancing the crypto/NFT space.
The BAYC project originated as a collaborative art initiative, where the community came together to develop and shape the concept. What began as a simple idea transformed into a futuristic depiction of Miami’s swampy landscape, featuring a yacht club’s bathroom stall occupied by bored apes. Today, BAYC has reached a valuation in the billions of dollars, with numerous celebrities holding these unique apes.
Celebrities who hold BAYC apes became part of its spinoff collections introduced by Yuga Labs. The first spinoff, Bored Ape Kennel Club (BAKC), was launched on 18 June 2021, followed by the Mutant Ape Yacht Club (MAYC) on 28 August 2021. NFTs from both collections swiftly gained significant demand on secondary markets, attracting purchases from some of the world’s most renowned individuals.
Fast forward to March 2022, Yuga Labs successfully raised $450 million in a funding round, leading to a valuation of $4 billion. The funding round was led by the prominent venture capital firm Andreessen Horowitz (a16z), known for its involvement in launching Web3 organizations like Dapper Labs, Coinbase, and OpenSea. Other notable investors in this round included Coinbase, Animoca Brands, Samsung, Google Ventures, and more.
The Building Blocks of Enchantment:
Central to Yuga Labs’ success has been their ability to harness the power of NFTs, leveraging them to create unique and captivating digital assets that resonate deeply with their audience. By introducing the world to their flagship creation, YUGAverse, a sprawling metaverse brimming with vibrant characters and immersive experiences, Yuga Labs has unlocked a new level of enchantment in the Web3 space.
But their magic doesn’t stop there. Yuga Labs has ingeniously crafted an ecosystem that nurtures creativity, community, and collaboration. Through partnerships with renowned artists and influencers, they have woven a tapestry of captivating narratives, ensuring that each digital creation in the YUGAverse tells a unique story. This blend of technology, artistry, and community has propelled Yuga Labs to the forefront of the Web3 revolution.
In April 2021, Yuga Labs launched the Bored Ape Yacht Club, marking their inaugural collection, which has now become one of the most coveted NFT collections in the market. According to NFT rankings, it currently holds the third-highest all-time trading volume, trailing only Axie Infinity and CryptoPunks. Its impressive trading volume amounts to $2.88 billion or 1,030,104 ETH.
Yuga Labs has effectively built a unique ecosystem of interconnected NFT collections that offer substantial value to their holders. For instance, owning a Bored Ape Yacht Club NFT grants the holder a Bored Ape Kennel Club NFT, which subsequently leads to participation in the Mutant Ape Yacht Club. The floor price of the Bored Ape Kennel Club has surged by 874% since its launch, while the Mutant Ape Yacht Club’s floor price has astonishingly appreciated by an astounding 19,300% since its minting.
The Bored Ape Yacht Club continues to dominate the NFT trading volume across all collections, with an average sale price of $100,675. Traders within this collection, on average, engage in 3.52 trades per NFT, while each trader trades an NFT from the BAYC collection approximately 4.10 times.
The Mutant Ape Yacht Club secures the second-highest NFT collection trading volume in the past two quarters, with an average sale price of $22,495. Traders within this collection, on average, conduct 5.72 trades per NFT, and each trader engages in an average of 5.87 trades involving NFTs from this collection.
Lastly, the Bored Ape Kennel Club ranks eighth among the top NFT collections in terms of trading volume over the past two quarters. It achieves an average sale price of $11,184 with a total of 16,469 sales. Traders within this collection, on average, participate in 7.50 trades per NFT, while each trader conducts an average of 6.76 trades involving NFTs from this collection.
BAYC Whales Unveiled
The Bored Ape Yacht Club (BAYC) has taken the NFT world by storm with its captivating and distinct collection of NFTs. As the popularity of this collection soars, it becomes crucial to examine the ownership distribution among holders, evaluating the risk of price manipulation and collusion. This article delves into the concentration of whales and top holders within the Bored Ape Yacht Club, shedding light on the diversity and vitality of this thriving NFT community.
With a Unique Holders Ratio of 56%, the BAYC collection demonstrates a well-distributed ownership pattern, minimizing the risk of collusion among holders. The whale concentration stands at a mere 4.59%, indicating relatively low chances of price manipulation by large holders compared to other NFT collections.
Among the top holders, a prominent whale possesses 2.2% of the BAYC collection (222 BAYC) and 1.45% of the Mutant Ape Yacht Club (MAYC) collection. The second-largest whale holds 86 BAYC, 88 Bored Ape Kennel Club (BAKC), and 32 MAYC. To delve deeper into the wallets of these whales and other top holders in prominent NFT collections, one can utilize DappRadar’s NFT portfolio tracking tool.
An interesting presence emerges in the form of BenDAO, with a holding of 379 BAYC. This showcases the recent trend of traders lending their apes to introduce DeFi use cases within the NFT realm. This development adds further diversity to the BAYC collection, highlighting its adaptability to the ever-evolving digital landscape.
The Bored Ape Yacht Club’s low whale concentration and high Unique Holders Ratio signify a robust and diversified collection with minimal susceptibility to price manipulation. The incorporation of DeFi use cases and the active involvement of top holders in other prominent NFT collections underscore the collection’s strength and versatility within the dynamic world of NFTs. As the BAYC community continues to flourish and innovate, it remains a prime example of the vast potential within the NFT space.
Read also: Bored Ape Yacht Club creators acquire Cryptopunks and Meebits
Yuga Labs’ Gaming Universe: From Dookey Dash to Legends of the Mara
Yuga Labs’ gaming ecosystem has swiftly emerged as a prominent topic within the Web3 industry. With the highly anticipated launch of Otherside, Yuga Labs aims to create a truly exceptional gaming experience for its users. Notably, they intend to integrate the metaverse project with the wider ecosystem, transforming NFTs into playable characters. This approach also embraces interoperability by allowing holders from leading NFT projects like Cool Cats, World of Women, and RENGA to assume their avatars within Otherside.
The ambitious project has garnered attention due to its gamification strategy, collaboration with Animoca Brands, and an impressive all-time trading volume of $1.42 billion (600,936 ETH).
The first trial run of the Otherside metaverse platform occurred in July 2022, attracting over 4,600 players. The second trial run, held on 25 March 2023, saw around 7,200 participants engage in the 90-minute test run, as reported by Yuga Labs.
On 28 March, Yuga Labs introduced Legends of the Mara, a collection-based 2D strategy game that continues the storyline from the second Otherside trial. In this game, players delve into the origins of Kodas and their primal connection with Otherside. To engage in Legends of the Mara, players require at least one Otherdeed, a Koda, and potentially an apprentice Mara. Each Otherdeed holder is eligible to claim a Vessel NFT, which serves various functions such as hunting, farming, and enchanting.
Since their launch, Otherside Vessels have generated $6.32 million (3,328 ETH) in NFT trading volume, while Otherside Koda has accumulated a total of $6.77 million (3,288 ETH).
Yuga Labs’ focus extends beyond collectibles and the metaverse. On 18 January, they unveiled Dookey Dash, a simple yet challenging game designed as an interactive minting experience. To participate, users needed a Sewer Pass stored in their crypto wallet. Initially airdropped to Bored Ape Yacht Club (BAYC) and Mutant Ape Yacht Club (MAYC) NFT holders for free, these passes have since appeared on secondary NFT marketplaces, reaching a staggering trading volume of $113.8 million.
Dookey Dash achieved tremendous success, with over 25,000 Sewer Pass holders accumulating 7.5 million Dookey Dash runs, equivalent to approximately 80 years’ worth of playtime. On average, players spent nearly 28 hours per Sewer Pass, leading to a 40% expansion of the BAYC ecosystem. The competitive minting experience concluded on 6 February.
Yuga Labs has always emphasized exclusivity over accessibility, and Dookey Dash exemplifies this approach. The game rewards existing community members with a tradable game pass, granting access to the web browser-based game and holding value on the secondary market. This exclusivity has contributed to a higher floor price, as speculators anticipate the future value of the NFT rewards and the players’ gaming skills.
The success of the game raises questions about the value and utility of these passes once the game concludes. However, Sewer Pass holders need not worry, as Yuga Labs has already announced their ability to participate in the next iteration of their virtual world, The Summoning.
Pioneering the Web3 Fashion Revolution
In addition to their high-end collectibles and gaming ventures, Yuga Labs has been at the forefront of the fashion industry’s transformation through innovative collaborations that merge high-end fashion with Web3 technology. As mentioned earlier in the section discussing the 10KTF acquisition, this section delves into Yuga Labs’ latest partnerships with Gucci, Adidas, and Puma, and how these collaborations are reshaping the fashion landscape, creating new revenue streams, and offering rebranding opportunities.
- Yuga Labs x Gucci: Luxury Digital Fashion in the Metaverse
On March 27, Gucci announced a multiyear partnership with Yuga Labs, the company behind the Bored Ape Yacht Club NFT collection, to introduce luxury digital fashion to the metaverse. This collaboration between Gucci and Yuga Labs within the Otherside metaverse and the 10KTF collection explores the synergies between Web3 fashion and entertainment, as reported by Business of Fashion. Notably, the two companies had previously collaborated on the Gucci Grail collection, featuring designs from 10KTF creator Wagmi-San.
- Yuga Labs x Puma: Grailed PUMA Slipstream Sneaker Collaboration
On April 25, Yuga Labs announced a collaboration with Puma to release custom sneakers under the 10KTF Web3 brand. Building upon their previous partnership that began last summer, Puma’s iconic Slipstream sneaker line is being transformed into various NFTs, with the new sneaker drop named “Grailed PUMA Slipstream.” Starting from April 27, Puma Nitro NFT holders and 10KTF community members have the opportunity to acquire a customized physical edition of the Slipstream sneakers. This collaboration aims to reimagine the traditional sneaker release format, showcasing unique designs in partnership with long-time PUMA collaborator, Alexander John, as emphasized by Puma’s chief brand officer, Adam Petrick.
- Yuga Labs x Adidas: The Indigo Herz Pack and ALTS by Adidas NFTs
Adidas recently launched the “Indigo Herz Pack,” a limited-edition series providing token-gated access to ALTS by Adidas NFT holders. The pack includes 2,145 pairs of Superstar shoes, a collaboration with PUNKS Comic and GmoneyNFT, as well as 2,195 hoodies featuring PUNKS Comic art.
Read also: Adidas Stumbles onto the NFT Scene – Will It Last?
AdiClub members can enjoy early access to the collection during membership weeks, commencing on April 26 (EU) and April 27 (other countries). This collaboration demonstrates how brands can create exclusive experiences to reward their loyal fan bases.
Yuga Labs’ fashion collaborations with Puma, Gucci, and Adidas not only push the boundaries of Web3 and fashion but also generate significant brand awareness for all parties involved. These partnerships create new revenue streams and rebranding opportunities within the fashion industry, highlighting the boundless potential of integrating digital technology into the realm of high-end fashion. As Yuga Labs continues to spearhead this exciting frontier, it becomes evident that the future of fashion is undergoing a remarkable transformation right before our eyes.
APE: The Leading Web3 Gaming Token by Market Cap
ApeCoin (APE) stands as a prominent token developed by Yuga Labs, built as an ERC-20 token on the Ethereum blockchain. Initially, Yuga Labs distributed APE tokens through airdrops to holders of specific NFTs like the Bored Ape Yacht Club (BAYC) or the Mutant Ape Yacht Club (MAYC), granting them the potential to receive tokens worth over $100,000.
Holding APE grants users membership in ApeDAO, a decentralized autonomous organization that enables them to vote on proposals for system enhancements and govern the surrounding token community. APE serves as a utility token and currency within Web3 projects, including games and metaverse worlds.
As of now, APE boasts a market cap of $1.48 billion, making it the most valuable gaming token in the market. To provide context, traditional Web2 gaming companies like Ubisoft, with decades of industry experience, have a market cap of only $3.46 billion, and Square Enix of $6 billion.
The developers behind APE have identified four primary purposes for the token:
- Governance: APE holders actively participate in ApeDAO, making decisions about community direction and future endeavors.
- Unification of spending: APE serves as a decentralized currency powered by the Ethereum blockchain.
- Access: Holding APE grants users exclusive opportunities, such as additional airdrops or participation in real-world events as part of the community.
- Incentivization: Developers of new blockchain projects, including games and metaverses, can integrate ApeCoin into their ventures and engage within the Yuga Labs ecosystem.
It’s important to note that ApeCoin’s utility extends beyond Yuga Labs projects. For instance, the game Benji Bananas, developed and published by Animoca Brands, is a play-to-earn (P2E) game where players can earn ApeCoin alongside the game’s native PRIMATE token rewards. The creators of ApeCoin envision further adoption and expansion of this nature in the future.
The Global Impact Yuga Labs’ journey resonated with a worldwide audience, leaving an indelible mark on the Web3 community. Their visionary creations inspired a new wave of artists, developers, and dreamers, pushing the boundaries of what was deemed possible. The ripples of Yuga Labs’ success cascaded throughout the industry, sparking a vibrant ecosystem of NFTs, metaverses, and decentralized creativity.
Beyond Two Years As Yuga Labs evolves and continues to shape the destiny of Web3, their story is far from over. With every stroke of their digital brush and each groundbreaking project, they pave the way for a new era of artistic expression, community engagement, and technological advancement. The magic they’ve conjured within the metaverse will continue to inspire generations to come.
As we conclude our analysis of the Yuga Labs ecosystem, it becomes evident that this powerhouse plays a significant role in the NFT industry. With its 16 collections comprising 34.6% of the entire sector and a trading volume of $2 billion over the past two quarters, Yuga Labs has established a strong market presence. Notably, the Bored Ape Yacht Club boasts an impressive floor price, while Otherdeed for Otherside has experienced a meteoric rise within the metaverse. Additionally, Yuga Labs’ successful acquisitions further contribute to its influence.
However, the true key to Yuga Labs’ success lies in its unwavering commitment to providing value to its community. This sets it apart from projects that have betrayed the trust of their supporters. By consistently delivering on promises and executing well-planned strategies, Yuga Labs has earned a reputation as a reliable and trustworthy player in the NFT and crypto space.
Investors and enthusiasts should take note of Yuga Labs’ approach and seek out projects with a proven track record of fulfilling their promises and a transparent team. Prioritizing such projects within the NFT community fosters a more transparent and sustainable ecosystem. It ensures that the projects that thrive are those that genuinely dedicate themselves to their communities and persevere through the fluctuations of the ever-evolving NFT and crypto market cycles.