Rumors of a new Non-Fungible Token (NFT) collection by Bored Ape Yacht Club (BAYC) creators Yuga Labs have been swirling around the internet in mid-September 2022. A “leaked document” mentioned a certain “Mecha Apes” project that the company is allegedly planning to launch before the end of the year.
Crypto news site Protos claims to have had access to Yuga Labs’ leaked information. The reports state that the Web3 company will utilize the new NFTs to raise $50 million, along with 100,000 metaverse land pieces.
In late April, Yuga Labs launched the “Otherdeeds for Otherside” NFT collection. The 100,000-piece project sold out and brought in $6 million for the brand. The marketplace listed “deed” at an initial price of $6,000 which has since dropped to an average price of $2,700.
The drop in value however, is attributed to the decline of NFT Trading volume and Ethereum native token Ether’s ($ETH) price. Many blame the bear market on Do Kwon’s TerraUSD debacle. People believe the protocol’s crash deeply affected the overall cryptocurrency and blockchain market in 2022.
There is no existing information available about the supposed Mecha Apes collection. However, there is indeed a Twitter post about a “Mecha Piece.” The piece was actually featured as one of the artifacts in the Otherdeeds collection.
About Yuga Labs
Yuga Labs is a technology company that specializes in blockchain and cryptocurrencies. The entity is well-known for developing NFTs such as the Bored Apes Yacht Club (BAYC).
BAYC is a collection of 10,000 algorithmically generated NFTs of cartoon apes. As of 2022, the project boasts a total of $1 billion in sales. Bored Apes is owned by several celebrities including Justin Bieber, Madonna, Neymar, Paris Hilton, Snoop Dogg, and DJ Steve Aoki.
In late March, Yuga Labs raised $450 million in a massive round led by venture capital firm Andreessen Horowitz. After the fundraising round which also included Animoca Brands, FTX, and The Sandbox, the company’s value rose to $4 billion. In the same month, the company ramped up their operations with the acquisition of NFT projects CryptoPunks and Meebits.
The company funneled most of the raised capital to finance their “Otherside” metaverse, which integrate characters from NFT collections as avatars. Moreover, the project combines the Web3-enabled virtual world with elements of Massively-Multiplayer Role-Playing Games (MMORPG)
In July Yuga Labs launched Otherside and managed to sell $1 billion worth of digital real estate to “Voyagers” (virtual land prospectors). The company also provided 4,500 Voyagers access to the metaverse.
Yuga Labs’s launch of BAYC’s native token ApeCoin ($APE) this year, is one of the most significant developments in the brand’s expanding ecosystem. According to sources, $APE amassed a multibillion dollar market cap on the first day of trading.
Holders can utilize $APE as a currency within the APE ecosystem. The token can also provide access to products and services, or serve as incentives to third-party developers participating in the network. Furthermore, $APE is also a governance token that works within the ApeCoin DAO (click here to learn more about DAOs).
As of this writing, $APE is trading at $4.94, with a $1,514,558,527 market cap, and a 24-hour volume of $299,315,710 (per CoinMarketCap).
On September 10, Yuga Labs announced the first CryptoPunks grants. The team awarded community members Ric Galbraith and “Lore Punk.” The grant supports the creation and maintenance of a newsletter dedicated to CryptoPunks. The project will also provide the awardees with networking opportunities and important events.
“Everything we do at Yuga Labs is centered around celebrating the innate utility of NFTs and supporting our phenomenally creative and enthusiastic community members,” the team said on Twitter. “We have been known to give out grants to community-led projects that are innovating and amplifying some of the fundamental pillars of Web3 – decentralization, utility, and creativity.”
Yuga Labs revealed plans to create a formalized program for the grants. The company also teased future plans to introduce grants for BAYC/MAYC, Punks, Meebits, and Otherside community members.