BAYC creator Yuga Labs seems to be pushing all the right buttons in the NFT space with The Otherside. I personally love the exclusive nature of BAYC. The scavenger hunt is particularly fun. The games are also quite fun. But what makes BAYC unique is its community.
Despite being an investor and collector of NFTs, Pranksy hasn’t been shy about his intentions. While he may have collected the most NFTs to date, he also believes that his collections should help alleviate humanitarian issues. Hence, he has partnered with a charity called the Blue Dragon’s Children Foundation to rescue and help street children. The nonprofit’s mission is to prevent human trafficking and slavery by rescuing children from the streets.
On May 1, 2021, Pranksy purchases BAYC NFTs and expands his collection to 1250 over the next few hours. The announcement of Pranksy’s purchase creates a snowball effect and crypto Discord servers immediately become buzzworthy. Pranksy’s pranks make the Bored Ape logo an instant status symbol on crypto Twitter. Eventually, the entire collection sells out within 12 hours, with Yuga Labs earning USD 2.8 million.
As part of this campaign, Pranksy sold the BAYC NFT to DJ Steve Aoki, who then tweeted the news to his 8.2 million followers. Meanwhile, Pranksy also sold Bored Apes to NBA players Josh Hart and Tyrese Haliburton. The two players wore custom sneakers featuring Apes when they met in November 2021. Hart responded by wearing the Ape.
The original NFT collection was started by CryptoPunks in 2017 and consists of 5,000 to 10,000 cards. Each set has a unique template, but all have a rarity component. The apes in BAYC are not a part of a public group, but are instead aidropped to the NFT holders. This has allowed the project to become popular with both creators and investors.
While the original collection of NFTs was a collaborative effort, the original project is being run by Seneca, a woman. Seneca dropped her own NFT to seek recognition and compensation for her work. The founders of the project are also seeking to promote women empowerment and inclusivity. After getting doxxed, the two announced their true identities on Twitter. Pranksy is actually Greg Solano, and Gordon Gone is Wylie Aronow.
If you’re a holder of Bitcoin, you’ve probably seen the news about Yuga Labs in the BAYC creator land nft. In September, it was revealed that the company has purchased two other NFT companies – CryptoPunks and Meebits – and is in the early stages of fundraising. Both companies have large NFT collections, and the combined value of their NFTs is $3.6 billion, which puts them at the forefront of the NFT movement.
While this news has been accompanied by a surge in the price of ApeCoin, the company is still trying to draw in users who missed the Bored Apes club by introducing two new NFTs, ApeCoin and Otherside mint. The recent floor drop in Bored Apes has affected its associated projects, and a decline in NFTs has hurt many of those projects, including Yuga.
While it is too early to tell if this is the right time for the company to invest in its own nft project, it is worth noting that Yuga’s founders are taking a pragmatic approach. Despite their lack of experience and modest revenue, the two companies have been successful in building communities and monetizing NFTs. This will create a new kind of network effect, in which the more community promotion, the greater the value of NFTs.
The NFT is the next cultural force to emerge from the cryptosphere. Pransky, one of the NFT influencers, bought 12.5% of BAYC and highlighted the moves made by Yuga. However, there’s still room for some surprises. Some NFT tokens have risen by more than 75% in the past 24 hours. Among them are Enjin Coin (ENJIN), which has jumped over 7% over the same period.
Although Yuga Labs has just been around for a year, they’ve already consolidated the competition. They’ve acquired CryptoPunks and Meebits, two companies formerly known as Larva Labs. In the process, Yuga Labs aimed to gain exclusive licensing rights and IP rights to both companies’ games. With these acquisitions, the company also hopes to establish a vibrant new community and attract third-party developers.
Earlier this year, we met the 27-year-old Asian-American artist, Seneca, who played a crucial role in bringing NFT ideas to life. We chatted with him in the morning, and he revealed that his work had been featured in Rolling Stone and the New York Times. This made us feel happy for the young artist. Now, he is working on another NFT project.
Upon seeing Seneca’s college portfolio, creative agent Nicole Muniz was impressed. She fell in love with her approach and introduced her to various companies across many industries. She also went by the pseudonym V Strange. This artist was a great advisor for the Bored Ape Yacht Club and she made the perfect match. Immediately, Seneca was interested in helping the nonprofit organization.
The BAYC project has gotten a lot of attention from the crypto art world. The collection has surpassed $1 billion in sales and is widely recognized as a work of art. The art collection has captivated many fans with its unique designs, which range from the sublime to the gloomy. The artist also released several new NFTs this year as part of DFINITY’s Iconoclast art exhibition.
The new collection of Seneca’s NFTs includes five new portraits, each of which has an artfully surreal design. They are unlike monkeys, which have been a staple of the NFT market. They will be auctioned next year. These NFTs are minted on the Ethereum (ETH) blockchain with the Dfinity blockchain called Internet Computer. And they have a couple references to BAYC and The Otherside.
The NFTs are non-fungible tokens, which prove ownership of a physical or digital asset. The creator of the Seneca BAYC NFTs has reportedly earned over US$1 billion with the BAYC collection. His NFTs are now coveted by celebrities and art collectors. The fifth NFT will be auctioned in 2022. This will be an extremely exciting event for anyone interested in crypto art.
In its pitch deck, Yuga Labs says its goal is to create a virtual world that transcends the BAYC universe, with the potential to connect users from a variety of different NFTs. The game’s developers are experimenting with interoperability in order to encourage users to use NFTs across different projects. If this concept works, it could provide a unique experience that players can’t get anywhere else.
The company says its upcoming Sandbox Game for BAYC creator land will be sold to ApeCoin holders in a
Dutch auction fixed price of around 300 APE. The prices for the game’s NFTs will gradually decrease until someone buys them. The cheapest land to buy will cost 600 ApeCoins, which are a native digital currency of the APE ecosystem and are part of Web3.
The game’s deck has been updated in February and centers on the premise that the entire intelligent life on earth has been transported to the Otherside. The creators of the game believe the Otherside to be a similar concept to the famous NFT ape avatars. Aside from its creator land, the game’s sandbox mode will allow players to interact with other NFT users.
The game has raised more than $450 million in funding. It is estimated that the company will become worth $4 billion at the end of the round. Animoca Brands, the company behind Benji Bananas, is a new investor. The company has also announced plans to incorporate the ApeCoin (APE) blockchain, a project aimed at providing tokens with utility in order to avoid regulatory scrutiny. Play-to-earn games have been accused of being digital sweatshops. Players are required to purchase and sell NFT to recover their investment.
In terms of market potential, the company’s ecosystem also contains otherside land, a new type of virtual land that carries social capital and valuable perks. This type of land comes with a significant downside risk, so investors should be careful and wait until more details are revealed. The game’s price is a sensitive matter, so a prudent long-term investor may want to wait until the company reveals its full strategy.