What is Yuga Labs?
The world of NFT is constantly evolving, new promising projects appear every day. Virtual pictures began to rapidly popularize after the release of NFT collections Bored Ape Yacht Club and Mutant Ape Yacht Club. Yuga Labs created these most popular NFTs, which are in the TOP of the best NFT collections according to the NFTMetria team. Already, it has released the Otherside metaverse and the Apecoin token. In this article, we will tell you in detail about Yuga Labs and analyze the projects of this company. You will find out how it all began, and what plans company has for the near future.
Creators Yuga Labs
The history of the creation of Yuga Labs and the NFT collection of Bored Ape Yacht Club is quite unusual. Behind the creation are four ordinary friends who decided to change their lives. The creators did not want to reveal their names, so they came up with nicknames for themselves: Gargamel, Goner, No Sass and Emperor Tomato Ketchup. Most recently, journalists found out the names of the first two authors. Gargamel turned out to be Wylie Aronov, a Florida resident, and Goner is Greg Solano, a 32-year-old writer and editor. The names of the others are not yet known.
Yuga Labs success story
In 2020, at the height of the coronavirus epidemic, Wiley Aronov, along with his friend, Greg Solano, decided to create a community where it would be possible to discuss technologies and various ideas related to the blockchain. At the same time, they wanted to connect the community with the world of NFTs, as they saw a great promise in digital art. Their acquaintances, No Sass and Emperor Tomato Ketchup, understood IT, so they were able to master the Solidity programming language relatively quickly and generate a Bored Ape Yacht Club collection of 10,000 NFTs.
And soon four friends became millionaires – in just one night all the pictures were sold out. That night, their smart contract became the most popular, overtaking even the most popular crypto exchange Uniswap. Interestingly, in fact, no yacht club exists – it’s just a satire. After all, BAYC holders get access to a virtual club that looks like a regular bar. After the wild success of BAYC, the creators decided to create a second collection – Mutant Ape Yacht Club (MAYC).
Yuga Labs Projects
We can safely call the company’s portfolio the most impressive and impressive in the entire NFT market. Let’s find out in more detail what the owners of the company managed to create, which is why the whole world knows about them now.
NFT Collection Bored Ape Yacht Club
Bored Ape Yacht Club (BAYC) is a generative collection of 10,000 NFTs that have been created on the Ethereum blockchain. Yuga Labs was able to launch this collection in April 2021 and it soon became incredibly popular. The creators actively discussed blockchain technologies in social networks even when they worked at ordinary jobs. Therefore, they did not have to spend a lot of time promoting their project. Please note that they managed to create a community thanks to social networks, which we describe in the article on ways to promote your NFT collection.
BAYC is made up of various monkeys with indifferent faces. Each NFT has its own characteristics. These features have different variations. There are rarer variations, so NFTs with them are more expensive. And if you come across a combination with a few rare features, then such a picture is sold for millions of dollars.
In addition to rarity, the authors of the Bored Ape Yacht Club collection have create many real advantages:
- Access to a closed community of connoisseurs of modern technology and art.
- Access to offline festival APE FEST on a yacht, in an art gallery, with a celebrity concert and dinner at the best restaurants.
- Access to an exclusive “bathroom” where any holder can write, draw on a virtual board. In fact, this is a separate closed club.
- holders can use a special serum and turn their monkeys into mutants, which are featured in the MAYC collection.
- Owners get commercial rights to use the image of their tokens, which is a direct huge investment.
- Create your own NFT Club Dog for free. These NFTs have evolved into an entire collection called Bored Ape Kennel Club. Part of NFT data sales goes to charity and animal welfare.
How much does NFT Bored Ape Yacht Club cost?
When BAYC began to become popular, the auction house Sotheby’s managed to sell a lot of 101 NFTs of this collection for $24,400,000. Shortly thereafter, another popular auction house, Christie’s, sold 4 more NFTs for $12,000,000. It is noteworthy that initially BAYC were sold for only 0.08 ETH, but now the minimum cost of one NFT is 77 ETH. And the most expensive sale is a bored monkey for 1080.69 ETH.
At the time of writing, Bored Ape Yacht Club has a market capitalization of over $2 billion. The monkey-holder circle includes many celebrities such as Snoop Dogg, Eminem, Neymar, Shaquille O’Neal, Justin Bieber, Madonna and many more. This only confirms the enormous popularity of this project. And company herself successfully earns with a royalty of 2.5% on each sale.
NFT Collection Mutant Ape Yacht Club
Mutant Ape Yacht Club (MAYC) is Yuga Labs’ follow-up to BAYC and consists of 20,000 zombie-like mutant monkeys. As already mentioned, MAYC monkeys are created using 3 different sera: M1, M2 and M3. Serum holders received NFT wallets. With the M3, you can create a monkey that will have rarer features than the original. And M2 and M1 create monkeys with the same qualities as before.
How much does NFT Mutant Ape Yacht Club cost?
At the time of writing, the cheapest monkey MAYC costs 16 ETH and the capitalization is over $500 million. Yuga Labs says the Mutant Ape Yacht Club is the last “entry ticket” to the community. After all, now they are actively developing the ecosystem around the Bored Ape Yacht Club, which we will also tell you about.
On March 19, 2022, Yuga Labs posted a trailer for the new Otherside metaverse on Twitter. They are co-developing it with Animoca Brands, the company behind The Sandbox’s virtual world. The community reacted very positively to this, and interest in the project immediately increased. After the release of the trailer, sales of the BAYC and MAYC collections increased by 18% and 108%, respectively. The trailer showed the most popular NFT collections: Meebits, CryptoPunks, BAYC and MAYC.
The Otherside metaverse was created in the role-playing game genre, the main characters of which are the characters of the collections MAYC, BAYC, CryptoPunks, Meebits and Cool Cats. In addition, players will be able to create their own NFTs using the SDK (Software Development Kit). All territories have different features, and during the purchase you will have a chance to win NFT tokens of the new Shadow Lands collection. It is worth mentioning that for the creation of the metaverse, company managed to attract investments in the amount of $450,000,000 from the well-known venture capital fund Andreessen Horowitz and other organizations. At the time of writing, Yuga Labs is valued at over $4,000,000,000.
Selling Otherdeeds for Otherside
On April 30, 2022, the company held the first stage of the land sale in the Otherside metaverse. Territories are Otherdeeds NFTs. At the first stage of sales , 55,000 NFT Otherdeeds were issued, which were only available for previously approved wallets.
Otherdeeds were sold for 305 APE coins that Yuga Labs recently created. We add that the company is developing the Otherside metaverse around these tokens. Initially, company wanted to launch the metaverse through a Dutch auction, but due to high gas costs, they changed their minds. During the first round of sales of NFT Otherdeeds, the company managed to raise over $310,000,000. Only users who registered before April 1 along with KYC verification could buy Otherdeeds. Now you can buy Otherdeeds on the secondary market, the minimum price is 2.2 ETH.
Apecoin: internal coin for all Yuga Labs projects
Apecoin (APE) is an ERC-20 utility token regulated by the decentralized organization ApeCoin. Coin is in the TOP of the best NFT coins for investment according to the NFTMetria team.
With the help of Apecoin, the participants of the decentralized organization vote and make decisions related to the management of its further development. As mentioned earlier, Apecoin is the basis for all subsequent projects of Yuga Labs, including Otherside. The APE Foundation sponsors and manages the ApeCoin decentralized organization.
The main task of the APE Foundation is the implementation of various ideas of association. After the release of Apecoin, holders BAYC and MAYC received 15% of all tokens. Because of such advantages, people buy NFT-tokens of these collections. On top of that, developers also have their privileges in the APE ecosystem. They have the opportunity to implement Apecoin in their own games, services and other projects. For example, in the Play-to-Earn game Benji Bananas, you can buy an NFT, which will give you the opportunity to receive special tokens and exchange them for Apecoin.
Buying the rights to Cryptopunks and Meebits
In March 2022, Yuga Labs bought the rights to the Meebits and CryptoPunks NFT collections from Larva Labs. Together with the purchase, the company solved the most important criticism in relation to Larva Labs, namely, granted the commercial rights to use NFTs from the collection of Cryptopunks and Meebits. In addition to intellectual property rights, company has acquired 1,711 Meebits and 423 CryptoPunks non-fungible tokens. This deal can be called the largest in the history of the NFT industry.
More recently, it was revealed that the company has set a royalty of 5% on the Meebits collection.
Yuga Labs is very young, but already creates incredibly popular projects. But they don’t plan to stop there. According to company CEO Nicole Muniz, the company has a great vision for the future. Yuga Labs plans to grow its community, develop and popularize the entire NFT world. The company plans to create new projects that will bring us closer to Web 3.0. And the Otherside metaverse is just the beginning. A huge plus is that the company is built on the blockchain, which means that all its actions are transparent and freely available.
Yuga Labs is the best example of a new industry that is rapidly evolving. The creators did not stop there, despite their grandiose success. They continue their journey with their community and want to improve this world. As we can see, all Yuga Labs projects are developing, and this, in turn, gives reason to assume further growth of the main element of their ecosystem – the Apecoin token.