Yuga Labs is the company behind the best known and most profitable NFT projects. The company was founded in February 2021 and incorporated in the state of Deleware in the United States. Since then it became the most known NFT development company.
One year after it's founding, the Yuga Labs team sealed a $450 million seed round, making it into the top 10 biggest crypto funded projects. All the company's projects grants the holder the rights to the underlying art. This gives the community the opportunity to leverage their NFT and create own brands based on the unique artwork. Yuga Labs started out with the famous Bored Ape Yacht Club (BAYC) and has since released and acquired a number of other influential projects.
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Bored Ape Yacht Club (BAYC)
The Bored Apes launched in April 2021, making it the début project of Yuga Labs. The NFTs are a collection of 10,000 unique Apes running on the Ethereum blockchain. BAYC's community has organised global events, most notable in New York, UK and Hong Kong. BAYC made it into the public media when Hollywood figures started showing off their NFTs and exploring opportunities within the space. The broader cultural influence of BAYC is evident as major companies like Adidas engaged in partnerships, buying Bored Apes and exploring metaverse collaboration.
Yuga Labs, extended its success with the secondary collection Mutant Ape Yacht Club (MAYC). MAYC, features 20,000 mutants by lead artist Seneca. She emphasizes the revolutionary impact of authenticating digital assets through NFTs. At the same time the "Bored Ape Kennel Club" (BAKC) was dropped to BAYC holders, a Shiba Inu inspired companion for existing Ape holders.
The CryptoPunks were originally created by Larva Labs in 2017 as a 10,000 collection and acquired in 2021 by Yuga Labs. The creators are Canadian software developers Matt Hall and John Watkinson. Their experimental project was inspired by the London punk scene, the cyberpunk movement and the electronic music artists Daft Punk.
Since its launch traditional auction houses like Christie's and Sotheby's have auctioned off CryptoPunks in significant sales over $11 million. In 2023 the famous modern art museum centre Pompidou in Paris took a CryptoPunk into their collection and is exhibiting it in the country's capital.
Le Centre Pompidou fait l’acquisition d’un ensemble d’œuvres traitant des relations entre blockchain et création artistique, dont ses premiers NFT ! 👾
Ce sont 18 projets de 13 artistes français et internationaux qui entrent en collection.
Plus d'infos 👉 https://t.co/PXL4O2E9vh pic.twitter.com/sNI7EYtK5E
— Centre Pompidou (@CentrePompidou) February 10, 2023
Meebits launched in May 2021 and like the Cryptopunks were created by the company Larva Labs. Within eight hours, 9,000 of the 20,000 Meebits collection were sold for around $75 million at the time. The rest of the 11,000 NFTs were airdropped to CryptoPunk and Autoglyph holders. With the acquisition by Yuga Labs, holders received full IP rights over the Meebits they own.
Meebits gained popularity with its unique metaverse-ready design. Meebits are algorithmically generated 3D characters in voxels. Unlike other NFTs, they come with essential files and information, making them versatile assets for metaverses. Meebit holders have intellectual property (IP) rights to their NFTs, allowing them to use and even 3D print their assets. The project has a custom marketplace without trading fees and has established MeebitsDAO, a decentralized autonomous organisation focused on building a cross-platform metaverse for Meebits avatars.
Will the trend for Yuga Labs NFTs continue?
While past performance is no guarantee of future success, Yuga Labs has a remarkable track record in the NFT space. The success of projects such as Bored Ape Yacht Club (BAYC), CryptoPunks, Meebits, etc. underscores the company's ability to bring innovative and in-demand NFT collections into the market.
The advantage of Yuga Labs: The community is behind them. There is a constant interest and commitment from the various user groups. This is reflected not only in the global events but also in the countless partnerships with large companies. The inclusion of intellectual property rights for owners in the NFT projects adds also another layer for investors to engage in Yuga's digital assets. In addition, Yuga Labs has actively adapted to the evolving crypto landscape and seeks to gain an advantage over its competitors in all areas.