Yuga Labs is taking over the Metaverse
Yuga Labs is a well-known NFT company that continues to dominate the non-fungible token space due to projects like Bored Ape Yacht Club (BAYC) and Mutant Ape Yacht Club (MAYC).
The $4 billion-worth company made history in 2022 when it acquired Cryptopunks and Meebits from Larva Labs, cementing its position as the leading brand in the NFT space. It now has its eyes set on dominating the Metarverse.
Yuga Labs first ventured into the Metaverse in March 2022 by launching Otherside, a 3D virtual world developed as an online multiplayer game.
The Otherside, like many other Metaverse platforms, offers an immersive experience of a virtual world where users can build different experiences and interact with other users.
The game features plots of land called Otherdeeds. They are dynamic NFTs that can change according to the activities of users. Users also interact with Kodas, unique beings that serve as the game's foundation. Their energy helps keep the universe from collapsing. Kodas are also non-fungible tokens.
Users got to first experience the Otherside universe in July 2021. 4,500 players were ushered into the game and could interact with their characters, speak to each other using 3D audio, and hear all other players at once.
In March 2023, 10,000 players again got a first-hand experience with the Otherside universe. According to players who participated in the first and second trips, the experience was the same.
It is worth noting that when the company first tested its Metarverse ambitions in March 2022, it generated $320 million from selling 55,000 Otherdeeds NFTs. The secondary sale of the NFTs has so far generated more than $800 million.
As of writing, the floor price of an Otherdeed NFT is 1.2849 ETH on OpenSea. They are available for purchase on the marketplace.
About the company
It was founded in February 2021 by two friends who, for a while, were known by their pseudonyms of Gordon Goner and Gargamel. They were later revealed to be Greg Solano and Wylie Aronow.
The two, together with other friends, worked to launch the BAYC NFT collection in April 2021. The non-fungible tokens entered the market with an initial floor price of 0.08ETH (about $240 at the time). As of writing, their current floor price is 52.3 ETH (more than $90k).
On June 2021, they launched Bored Ape Kennel Club (BAKC). They then launched MAYC in August 2021. In 2022 they acquired the rights to Cryptopunks and Meebits, growing their NFT projects.
In February, the company announced the launch of its first-ever Bitcoin-based NFT project, TwelveFold. The NFT collection, comprising 300 generative art pieces, went live in March and garnered $16.5 million.
Considering the milestone Yuga Labs has made in the Metaverse realm, it might have the chance to dominate the space. However, it faces stiff competition from Facebook, Apple, Google, and Microsoft, companies working hard to build their own Metaverse.
Author: Jay Jackson
Jay Jackson is a crypto trader, researcher and freelance writer. He works closely with people and businesses in the crypto sphere, writing blog posts, guides, press releases, reviews and ebooks.