Yuga Labs is trying to single-handedly save the NFT market this past month.
And you can take part! But first, let’s look at all the things that Yuga Labs (Bored Ape Yacht Club creators) has done in the last few weeks.
Yuga Labs Dominates Month of March
In what was a low volume month that saw a lot of floor prices retract, there were talks of this being the start of a new bear cycle in the NFT market. But, soon after the partnership with Animoca and the mystery KYC debacle, the BAYC ecosystem started to heat up.
Rumors of a surprise Larva Labs (LL) acquisition started to float around in NFT servers and spaces. LL just happens to be the creators of Meebits, Autoglyphs, and CryptoPunks. Many passed this off as ridiculous rumors. But, as rumors started to heat up, Meebits volume started to suddenly rise. In the graphic below, the time of the official announcement is marked. Someone always knows!
And as rumors started to turn into unconfirmed facts, Yuga Labs made an announcement.
1) Yuga Labs Purchased CryptoPunks and Meebits
On March 11th, Yuga Labs tweeted that they had purchased Larva Labs. Specifically, the IP to the CryptoPunks and Meebits collections.
Some big news to share today: Yuga has acquired the CryptoPunks and Meebits collections from @LarvaLabs, and the first thing we’re doing is giving full commercial rights to the NFT holders. Just like we did for BAYC and MAYC owners. pic.twitter.com/lAIKKvoEDj
— Yuga Labs (@yugalabs) March 11, 2022
In an instant, the two most popular NFT collections available were now under the Yuga Labs umbrella. And at the same time, they gave full commercial rights to holders. This is something Punk and Meebits holders have been clamoring for since the start.
2) ApeCoin (APE) and BAYC Metaverse Land
At this point, Yuga Labs is without a doubt the leading Web3 brand/company in the NFT space. But that wasn’t enough for the creators of the cartoon apes. A few days after this announcement, a leaked A16z pitch deck started to float around social media. The focus? ApeCoin and BAYC Metaverse Land. This is where everyone can start to participate in the BAYC ecosystem.
The tape leaked
-unconfirmed but this looks accurate pic.twitter.com/WQdC8hHsy5— King BlackBored 🏴☠️👑 (@KingBlackBored) March 15, 2022
Moreover, as these leaks started to go viral, Yuga Labs does what they are best at and jumped in front of it themselves. Announcing ApeCoin last night, Yuga Labs also mentioned that claiming starts in the morning. Holders of BAYC, and MAYC can claim an allocation of $APE, which is increased by holding a BAKC.
ApeCoin is owned and operated by the ApeCoin DAO, a decentralized organization where each token holder gets to vote on governance and use of the Ecosystem Fund. Holding ApeCoin is the only requirement for membership in the ApeCoin DAO.
— ApeCoin (@apecoin) March 16, 2022
And of course, in standard NFT token airdrop fashion, the whales got their bags and naive traders got stuck with tokens 3x their current value.
A few examples (all via CMC and Dextools) of whales getting large allocations on early alpha and dumping on those who couldn’t get any in the first place:
More About ApeCoin (APE)
When it comes to these airdrops, bide your time, wait for the hype to die down and true utility to emerge. We’ve yet to see any airdrops break this pattern. Objectively though, Yuga Labs and $APE are different animals than these other releases. They know the space that is better than most, and name recognition that is better than all. Pay attention to when staking becomes available!
Finally, info indicating 200,000 plots of metaverse land being contained in those leaks raised some eyebrows. Over the next two months, these plots will release 200,000 plots/NFTs of anything is a lot, and significantly more than any prominent collection has released at once.
If this leak is anything to go by, BAYC land could be priced at 0.7ETH to 1ETH for 200k supply as they are looking to raise 350 million USD from primary sales.
Anyways let's wait for the official drop but for now time to speculate😉 pic.twitter.com/pb9AH6IfCR
— shan 🟩 (@shanicucic96) March 16, 2022
On the other hand, in the case of Decentraland, they only offer ~100,000 plots of land and have slowly increased that over time. With further rumors swirling that the mint price will be in the 1ETH range, a lot of people are wondering if this is even plausible.
Moreover, one of the co-creators of Bored Ape Yacht Club said, in their Discord server, that this was an outdated pitch deck not even seen by the team. But, keep in mind, ApeCoin was in the same leaks and was accurate. Only time will tell.
Finally, with even more utility, events, and added value coming for holders of every facet of their ecosystem, it’s safe to say there’s no better NFT investment than BAYC at the moment.
NOTE: Remember always to do your research, make your own decisions, and invest in projects that interest you!
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