Yuga Labs
| File:Yuga labs | |
| Private | |
| ISIN | 🆔 |
| Industry | NFTs, Crypto Art, Entertainment |
| Founded 📆 | February 2021 |
| Founders 👔 | Greg Solano, Wylie Aronow |
Area served 🗺️ | |
Key people | Greg Solano (Co-founder), Wylie Aronow (Co-founder), Nicole Muniz (CEO) |
| Products 📟 | Bored Ape Yacht Club, Mutant Ape Yacht Club, Bored Ape Kennel Club |
| Members | |
Number of employees | |
| 🌐 Website | [Lua error in Module:WikidataIB at line 665: attempt to index field 'wikibase' (a nil value). ] |
| 📇 Address | |
| 📞 telephone | |
Yuga Labs is a company that specializes in creating and managing digital art in the form of non-fungible tokens (NFTs). Founded in 2021 by Greg Solano and Wylie Aronow, Yuga Labs is best known for its Bored Ape Yacht Club (BAYC) collection of 10,000 unique NFTs in the form of illustrated apes.[1]. The BAYC has attracted widespread attention and celebrity endorsements, making it one of the most valuable NFT collections in the market[2].
History[edit]
Yuga Labs was founded by Greg Solano and Wylie Aronow, who were initially anonymous and went by the pseudonyms "Gargamel" and "Gordon Goner," respectively[2]. The Bored Ape Yacht Club was launched in April 2021 as a collection of 10,000 unique, hand-drawn ape avatars[1]. The BAYC collection quickly gained popularity, and the company expanded with two spin-off NFT collections: the Mutant Ape Yacht Club (MAYC) and the Bored Ape Kennel Club (BAKC)[3].
In December 2021, Yuga Labs collaborated with Adidas, creating NFTs featuring Bored Apes in Adidas clothing[4]. The collaboration was announced on Twitter, and the Bored Ape NFT donning a three-stripe tracksuit was featured as Adidas' profile picture[5]. In February 2022, it was reported by BuzzFeed News that Solano and Aronow were the founders of Yuga Labs, and they confirmed their identities on Twitter[2].
Products[edit]
Yuga Labs' flagship product is the Bored Ape Yacht Club (BAYC) collection of NFTs, which features 10,000 unique illustrated ape avatars[1]. Each ape has its own unique characteristics, including accessories, facial expressions, and colorization[2]. The Bored Ape Yacht Club has spawned a vibrant online community and has attracted celebrity endorsements from the likes of Gwyneth Paltrow, Steph Curry, Justin Bieber, Paris Hilton, and Mark Cuban[1]. In addition to the BAYC collection, Yuga Labs has also launched two spin-off NFT collections: the Mutant Ape Yacht Club (MAYC) and the Bored Ape Kennel Club (BAKC)[3].
The Bored Ape Yacht Club has been described as a "cult-like" community, with membership in the club requiring ownership of at least one BAYC NFT. Members of the club gain access to a private Discord server, where they can connect and socialize with other members and discuss the BAYC project[6].
As of February 2022, Yuga Labs had raised $45 million in funding from investors, including Founders Fund and Coatue Management, and had a valuation of $500 million[2]. In March 2022, it was reported that Yuga Labs had raised an additional $100 million in a funding round led by Andreessen Horowitz, bringing its valuation to over $1 billion[7].
Criticism[edit]
The Bored Ape Yacht Club and its creators have faced criticism from some in the crypto community, who argue that the project is a bubble and that the value of the BAYC NFTs is not sustainable. Others have criticized the exclusivity of the BAYC community, which requires ownership of an NFT to join[8].
In February 2022, BuzzFeed News published an article revealing the real identities of the Yuga Labs co-founders, Greg Solano and Wylie Aronow, who had previously gone by the pseudonyms "Gargamel" and "Gordon Goner", respectively. The article argued that the public should know who is running a company that could soon receive a multibillion-dollar valuation[2].
Reception[edit]
The Bored Ape Yacht Club collection has received significant attention and media coverage, with many referring to it as a "cultural phenomenon" and "digital art sensation" [9][3]. As of March 2022, a single Bored Ape NFT sold for a record-breaking $2.5 million[10].
The collection has also gained popularity among celebrities, including Gwyneth Paltrow, Steph Curry, Justin Bieber, Paris Hilton, and Mark Cuban[11][12]
However, the company has also faced criticism and controversy over its lack of transparency regarding the identity of its founders. BuzzFeed News identified Solano and Aronow as the founders of the Bored Ape Yacht Club in February 2022, which drew backlash from the crypto community.[2]
See also[edit]
Cryptocurrency Non-fungible tokens Crypto art
References[edit]
- ↑ 1.0 1.1 1.2 1.3 "Bored Ape Yacht Club: The story behind the NFT craze". BBC News. 2022-12-21. Retrieved 2023-04-13.
- ↑ 2.0 2.1 2.2 2.3 2.4 2.5 2.6 "Crypto Fanboys Are Mad the Men Behind Bored Ape Yacht Club Have Been Revealed". Vanity Fair. 2022-02-07. Retrieved 2023-04-13.
- ↑ 3.0 3.1 3.2 "The Bored Ape Yacht Club Is Invading the World of High Fashion". GQ. 2022-01-11. Retrieved 2023-04-13.
- ↑ "Adidas has entered the world of NFTs via a collaboration with Bored Ape Yacht Club". Engadget. 2021-12-21. Retrieved 2023-04-13.
- ↑ "Adidas Announces NFT Collaboration With Bored Ape Yacht Club". Complex. 2021-12-21. Retrieved 2023-04-13.
- ↑ "The Bored Ape Yacht Club Is Creating a New Era of Social Capital". Vice. 2021-11-02. Retrieved 2023-04-13.
- ↑ "Bored Ape Yacht Club NFT Creator Yuga Labs Reportedly Raises $100 Million at a $1.1 Billion Valuation". Business Insider. 2022-03-15. Retrieved 2023-04-13.
- ↑ "Why the NFT Art World Is a Bubble—and Why It's Not Going to Pop". Vanity Fair. 2022-02-28. Retrieved 2023-04-13.
- ↑ "How Bored Ape Yacht Club became the $2bn king of NFTs". Financial Times. 2021-12-03. Retrieved 2023-04-13.
- ↑ "Bored Ape Yacht Club creators come out of hiding to reveal themselves". BBC News. 2022-02-07. Retrieved 2023-04-13.
- ↑ "The NFT art world is on fire. Here's what you need to know about how it works". Insider. 2022-03-21. Retrieved 2023-04-13.
- ↑ "Why Bored Ape Yacht Club is capturing the imagination of the fashion world". Vogue India. 2022-01-18. Retrieved 2023-04-13.
External links[edit]
Bored Ape Yacht Club official website Mutant Ape Yacht Club official website Bored Ape Kennel Club official website Bored Ape Yacht Club on Twitter Bored Ape Yacht Club on Instagram
This article "Yuga Labs" is from Wikipedia. The list of its authors can be seen in its historical and/or the page Edithistory:Yuga Labs. Articles copied from Draft Namespace on Wikipedia could be seen on the Draft Namespace of Wikipedia and not main one.
