Soldiering Through the Crypto Winter
Yuga Labs, home to BAYC (Bored Ape Yacht Club) and CryptoPunks, launched the ApeCoin marketplace, a dedicated marketplace for BAYC-related NFTs, on November 25th.
The marketplace was announced on January 24th this year, making this a long-awaited launch for holders.
As you can see from the marketplace launch, Yuga Labs has remained active despite being directly impacted by the FTX meltdown.
About ApeCoin Marketplace
Only BAYC-related NFTs are listed on the ApeCoin marketplace: MAYC (Mutant Ape Yacht Club), BAKC (Bored Ape Kennel Club), Otherdeed, and BACC (Bored Ape Chemistry Club). The company also differentiates itself by adding other unique features, such as ApeCoin staking and NFT metadata integration.
The commission fee is 0.5% for sales in Ethereum and 0.25% for sales in ApeCoin. In addition, 0.25% of the sale price will be returned to the ApeCoin DAO, and the returned assets will be managed in a multi-sig wallet.
Yuga Labs Looking Active Lately
Yuga Labs continues to push forward in the face of headwinds following the implosion of FTX. Market conditions may suffer, as data shows that BAYC's floor has fallen 84% since its peak. Despite all the crypto carnage, Yuga Labs has remained doggedly active.
Notable November milestones:
November 9th: Yuga’s News Site Launch
On November 9th, Yuga Labs launched its news site. Yuga Labs, which usually receives more than 50 reports of fake links per week, said in a tweet that it designed the site with security in mind. To access the site, users must create a one-time authentication phrase and upload an image stored in their browser. This feature appears to be permanent, proving that Yuga Labs is real.
The tweet ended with a reminder that, once again, the NFT project held by Yuga Labs will not be doing any surprise minting and that they will not be requesting confidential information via DM. Yuga Labs will make all future announcements on their news site, which they encourage you to check out.
November 14th: Acquired 10KTF and WENEW
On the 14th, we announced the acquisition of NFT company WENEW and their NFT project 10KTF WENEW is an NFT startup founded by digital artist Beeple, who has sold the highest amount of NFTs in history. In addition, it has partnered with Louis Vuitton, GUCCI, Warner Music Group, and others to publish NFTs for various high brands. In addition to announcing the acquisition, Beeple announced that he would become an advisor to Yuga Labs.
November 15th: Donatede CryptoPunk #305 to the Museum in Miami
On the 15th, Yuga Labs donated CryptoPunk #305 to the Museum of Contemporary Art Miami.
This is the first installment of the "Punks Legacy Project," which aims to donate and install CryptoPunks in museums worldwide. The goal is to establish CryptoPunks by donating CryptoPunks to various museums in the future. CryptoPunks #305 will be on display at the museum from December 3rd until the end of the year. CryptoPunk #305 was selected because of Miami's area code of 305.
Yuga Labs co-founders Greg Solano and Wylie Aronow, who was born and raised in Miami, are committed to investing in Miami. On November 23th, they partnered with NTS Radio, a global music platform, to support Miami youth by announcing that it would donate more than $150,000 to the cause.
What will become of FTX Bankruptcy?
FTX was also a participant in Yuga Labs' approximately $450M March 2022 funding round. While many projects suffer from FTX's bankruptcy, Wylie Aronow has publicly stated that the impact of FTX's bankruptcy on Yuga is manageable. According to her tweet, she had moved her assets deposited with FTX to CB Custody around the time the potential bankruptcy was reported.
Although BAYC has been heavily impacted, with prices plummeting 84% from their best days, they continue to produce new products and services. It will be interesting to see how this plays out over the next few months.
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