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.
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.
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.