Golden Recursion Inc. logoGolden Recursion Inc. logo
Advanced Search
Yuga Labs

Yuga Labs

Yuga Labs is a developer and marketer of NFT-based marketplaces, including the Bored Ape Yacht Club.

Overview

Yuga Labs is an NFT and cryptocurrency marketing and development company. Starting in April 2021 with the Bored Ape Yacht Club (BAYC), the company has sold Bored Ape NFTs and has since developed more NFT and Metaverse-based solutions. The name of the company, Yuga, comes from a villain in a game that can turn its adversaries into 2D art. The use of apes in the Bored Ape Yacht Club was inspired from the history of people referring to themselves as apes in cryptocurrency.

When asked what attracted the company to NFTs, the founders remarked that they were gamers who played World of Warcraft, Everquest, and Star Wars Galaxies, and NFTs and the Metaverse seemed like a new era of gaming experiences. The company, founded in 2021, has become the most valuable NFT project by market cap in early 2022, roughly a year after their founding.

ApeCoin

With the success of the Bored Ape Yacht Club, Yuga Labs announced the launch of a native governance token, ApeCoin. The coin is intended to be used for Yuga Lab's expansion of BAYC into Web3 and gaming. The coin is being launched by the ApeCoin DAO, with 62 percent of the 1 billion supply allocated to the ApeCoin community, and 15 percent available to be claimed by BAYC NFT holders.

The choice to launch the token through the ApeCoin DAO was due to the SEC's prosecution of cryptocurrency start-ups, which have sold tokens that can act as unregistered securities. The launch of the token through ApeCoin DAO isolates Yuga Labs from the launch, with none of the employees of the company working for ApeCoin DAO; instead, the ApeCoin DAO's council members are those with interested in the BAYC project previously. As well, to keep ApeCoin DAO connected in branding, but not legally connected to the BAYC, Yuga Labs gifted ApeCoin DAO with a Bored Apes logo in the form of an NFT.

The ApeCoin DAO is initially planning on using the money raised from the sale of the ApeCoin to build an ecosystem around the coin, including game development, events, and merch production, with a possible decentralized NFT marketplace as well. Yuga Labs is also expected to maintain a sizeable voting share in the organization, retaining around 15 percent of all ApeCoins minted.

MetaRPG

In March 2022, following Yuga Lab's stated idea of expanding the BAYC environment, they announced a gaming-focused Metaverse named MetaRPG, intended to be compatible with a host of NFTs. This includes what has been described as an "in-game app store" in which players will be able to create characters using NFTs they own or develop.

The MetaRPG is also intended to have land sales, in the forms of NFTs, and users will be able to purchase one of a possible total 200,000 plots intended to be distributed across two sales in March and August. The company has also teased a partnership with Animoca Brands, a digital studio that is expected to also be building a racing game with Yuga Labs.

However, the information on the MetaRPG, although in line with some of the stated goals of Yuga Labs, came from a leaked launch deck. The co-founders of Yuga Labs have denied the roadmap outlined in the leaked deck, saying the deck was already outdated, and half of the team had never seen the deck slide.

Acquisition of CryptoPunks and Meebits

In March of 2022, Yuga Labs acquired the intellectual property of the CryptoPunks and Meebits NFT collections from Larva Labs. This means Yuga Labs owns the brands, copyright in the art, and other intellectual property rights, including 423 CryptoPunks NFTs and 1711 Meebits NFTs.

Timeline

March 22, 2022
Yuga Labs raises a $450,000,000 seed round from Adidas, Animoca Brands, Artist Capital, Bond Inc, Cobalt Capital, Coinbase, Colin Kaepernick, Eden Block, FTX Ventures, Genies Universe, Google Ventures, Gunna, Hashed, Justin David Blau, Lightspeed Venture Partners, LionTree Partners, Mark Cuban, Moonpay, SV Angel, Samsung Electronics, Seven Seven Six, Sound Ventures, Standard Crypto, Steve Aoki, The Forest Road Company, The Sandbox, Thrive Capital, Tiger Global Management, Time Ventures, Timothy Mosley, VaynerFund and a16z crypto.
March 17, 2022
Yuga Labs acquires CryptoPunks and Meebits and gives commercial rights to the community.
March 15, 2022
Bored Ape startup plans virtual land sales, APECoin token to kickstart Metaverse gaming project.
February 4, 2022
Bored Ape Creator Yuga Labs is reportedly in financial talks with Andreessen Horowitz.
October 12, 2021
Bored Ape Yacht Club, Yuga Labs signs a representation deal with Madonna and U2's manager, Guy Oseary.
April 30, 2021
Yuga Labs officially launches Bored Ape Yacht Club.

Funding Rounds

Products

Acquisitions

Patents

Further Resources

Title
Author
Link
Type
Date

Bored Ape Creator Yuga Labs Is Reportedly in Financial Talks With Andreessen Horowitz

Web

February 4, 2022

Bored Ape startup plans virtual land sales, APECoin token to kickstart metaverse gaming project

Ryan Weeks

Web

March 15, 2022

Bored Ape Yacht Club creates cryptocurrency to fund games, events, more

Jacob Kastrenakes

Web

March 16, 2022

Bored Ape Yacht Club, Yuga Labs Sign With Madonna's Manager Guy Oseary

Shirley Halperin

Web

October 12, 2021

Bored Apes NFT project gets official 'ApeCoin' token

Lucas Matney

Web

March 16, 2022

References

Golden logo
By using this site, you agree to our Terms & Conditions.