One of the most valuable brands in NFT history, Yuga Labs now controls CryptoPunks and Meebits.
Dozens of these NFT (non-fungible tokens) projects have popped up in recent months, typically themed around a single creature. There are penguins, aliens, and robots; lions, tigers, and bears; plus many cats — Gutter Cats, MoonCats, Mad Cats, Punk Cats, Stoner Cats, and BlazedCats.
The giant animal seen in people’s new profile pictures is apes. New Yorkers have noticed an “increasing number of accounts are changing their avatars to cartoons of apes: apes sporting sunglasses or bunny ears, apes with leopard-patterned or rainbow fur, apes smoking cigars or shooting laser beams from their eyes.”
We all know by now that these are BAYC, aka The Bored Ape Yacht club.
The Bored Ape Yacht Club collection is a unique NFT collection of over 10,000 different NFT avatars that live on the Ethereum blockchain. Created by Yuga Clubs, each has specific unique traits that hang over the original image of an ape looking bored.
But would you believe that Yuga Labs is valued at $4 billion? Well, it’s true, and the mega-company is not stopping there.
In a significant move, Yuga Labs said it is “giving full commercial rights to the NFT holders”, company said in a tweet.
The startup is also fresh off the launch of ApeCoin, which the startup’s founders and executives have a substantial stake in.
The token gathered a multibillion-dollar market cap on its first day of trading.
This deal will enable CryptoPunks and Meebits owners to create artwork and products based on their NFTs the same way BAYC owners have.