Yuga Labs is going through ups and downs with no outstanding activities in the ecosystem in the past 2 months as well as Bored Ape Yacht Club (BAYC) seeing a sharp drop in price, making investors skeptical about whether Yuga Labs is still interested in developing the ecosystem after its past successes. In this article, let’s join Weakhand to review some parameters as well as new updates in the Yuga Labs ecosystem.
Before jumping into the article, everyone can refer to some of the following collections to understand more about the article.
- What is Bored Ape Yacht Club (BAYC)? Overview of the BAYC NFT collection
- What is Mutant Ape Yacht Club (MAYC)? Overview of the MAYC NFT collection
- What is Bored Ape Kennel Club (BAKC)? Overview of the BAKC NFT collection
- What is Otherdeep for Otherside? Overview of the Otherdeep for Otherside NFT collection
What is Yuga Labs?
Yuga Labs is a blockchain technology and digital asset company headquartered in Miami, Florida. Currently, Yuga Labs’ main focus is on developing NFT digital collectibles and bringing NFTs closer to the real world.
Yuga Labs is known as the team behind the development of the Bored Ape Yacht Club (BAYC) collection, which is also considered one of the most successful NFT collections in history. From what started 2 years ago with boring ape JPEGs, Yuga Labs has grown to become an industry giant with 16 NFT collections in its portfolio. Weakhand also has a very detailed article about Yuga Labs, everyone can learn about it here.
Yuga Labs Ecosystem Data Overview for June
Let’s quickly update the collection data in the Yuga Labs ecosystem in June.
Data overview of the Yuga Labs ecosystem in June
Affected by the general situation with the focus on criticism aimed at Azuki, projects in the Yuga Labs ecosystem are also significantly affected. Notably, the floor price of Bored Ape Yacht Club (BAYC) has plummeted to below 30 ETH, the lowest level since October 2021. Other collections such as Mutant Ape Yacht Club (MAYC), Otherdeed for Otherside,… also encountered similar situations, creating a dark picture across the entire Yuga Labs ecosystem last June.
A rare bright spot is that despite witnessing a large decline in the scores of projects in its ecosystem, Yuga Labs still accounted for 20% of transaction volume in last June. Yuga Labs still occupies the top spot in the market and currently there is no worthy competitor to overthrow Yuga Labs’ throne.
Yuga Labs still held 20% market share in June
Some Important Updates of Yuga Labs
10KFT launches Season 2
HV – MTL Force begins Season 1
LOTM with some new updates
ApeFest 2023
10KTF launches Season 2 in July 2023
According to announcement from Wagmi-san 10KTF will launch Season 2 this July with a diverse story line and the appearance of new characters. The community-driven initiative, marked by live updates and alerts on Discord has led to the exciting return of the character Wagmi-san. In addition to digital storytelling, 10KTF also produces physical products and hosts real-world events, expanding its unique involvement in the NFT space.
LOTM reveals important updates
In the third quarter of 2023, fans of Yuga Labs’ Otherside: Legends of the Mara (LOTM) game will continue to experience the game. The game is expected to feature interesting elements such as Vessel Nesting and the StarMap update. When LOTM season 1 launches this summer, players can expect continuous updates and expansions to in-game offerings.
HV – MTL Forge Season 1 starts on June 29
HV – MTL Forge is designed specifically for HV – MTL holders who launched Season 1 on June 29. It uniquely combines elements of pet care games and conventional world-building games creating a social and competitive environment. Players start by nurturing their pets or HVs and building an efficient forge.
The game also has a voting mechanism where other players can influence your score. Players can earn “Amps” through HV evolution to gain a high position on the leaderboard. Gears – in-game currency that can be used to improve gameplay, purchase items, and speed up the building process.
Special board election for ApeCoin
ApeCoin DAO has successfully launched the Ad Hoc Council and governance team for ApeCoin. The two seats were previously held by Yat Siu and Alexis Ohanian, new members include Waabam and CaptainTrippy. Waabam led the voting with 31.2% of the vote (7.7M APE) while CaptainTrippy won 29.4% (7.3M APE).
The involvement of notable web3 community figures in the early stages and the subsequent appointment of new members mark important steps forward in ApeCoin’s democratic governance. This development is important as these representatives will shape the future of the project, serve the community’s vision, and manage DAO proposals, setting a new standard in crypto governance.
Yuga Labs unveils Made By Apes later this month
Recently on July 11, 2023, Bored Ape Yacht Club (BAYC) announced the launch of Made By Apes – a tool to help verify assets/products created by BAYC owners. Although there is a lot of information about the NFT IP that Yuga Labs wants to create for BAYC NFT owners, this could be a breath of fresh air and could be Yuga Labs’ ambition to reach a large number of users in the market. web2 something that Pudgy Penguins is doing very well at the moment.
ApeFest 2023 takes place in Hong Kong
Despite the recent decline in the overall NFT market, including the decline in value of the Bored Ape Yacht Club (BAYC) and Mutant Ape Yacht Club (MAYC) collectibles, the upcoming ApeFest takes place in Hong Kong. Kong from November 3 – 5 aims to spark enthusiasm and solidify BAYC’s position as a social icon and cultural identity in the NFT world.
This year, ApeFest is undergoing a transformation from a three-day concert event into a multifaceted conference, demonstrating Yuga Labs’ willingness to grow with the community and adapt to its needs. market.
summary
Above are some of the latest updates on projects in the ecosystem that Yuga Labs is building. Overall, Yuga Labs wants to bring BAYC deep into the Metaverse they build as well as sparking IP expansion for BAYC to reach a large user base in Web2. Hopefully this article has brought everyone interesting knowledge surrounding the ecosystem that Yuga Labs is building.
