Tag: Yuga Labs

Yuga Labs Launches TwelveFold: Bitcoin Based Generative Art

by Blockchain News

Key Takeaways

* TwelveFold is a 300-piece generative art collection inscribed on satoshis.

* The project uses Ordinal Theory protocol to locate an inscribed satoshi.

* Participants can submit puzzle answers through various Bitcoin wallets, including Leather, Unisat, and Xverse.

* The first correct answer inscribed on a satoshi is declared the winner.

* Winners must fill out tax forms to claim prizes.

Yuga Labs, the web3 company with a strong track record in the NFT space, has expanded its portfolio with the launch of TwelveFold, a 300-piece generative art collection on the Bitcoin blockchain.

Known for its ownership of Bored Ape Yacht Club (BAYC) and its 2022 acquisition of CryptoPunks and Meebits from Larva Labs, Yuga Labs has also garnered attention for its financial success. As reported by Blockchain.News in March, the company earned millions from its NFT collection ‘Dookey Dash.’ The new TwelveFold project aims to explore the relationship between time, mathematics, and variability through a base 12 art system

What is TwelveFold?

Announced on September 5, 2023, TwelveFold is a 300-piece generative art collection that lives on the Bitcoin blockchain. The project is localized around a 12×12 grid and includes highly-rendered 3D elements as well as hand-drawn features. According to Yuga Labs, the collection “explores the relationship between time, mathematics, and variability.”

How Does It Work?

The art pieces are inscribed onto satoshis, the smallest individually identifiable units of a Bitcoin, using the Ordinal Theory protocol. This allows for the tracking of when that particular satoshi was minted. Participants can submit their puzzle answers through various Bitcoin wallets, including Leather (formerly known as Hiro), Unisat, and Xverse. A Bitcoin fee of approximately $4-$8 is required to inscribe the answer onto a satoshi.

The Rules

The first correct answer that gets inscribed is declared the winner of the puzzle. In case two people submit the correct answer in the same Bitcoin block, the answer with the lower inscription number is accepted. Winners are notified via email and must fill out tax forms to claim their prizes.

The Technology Behind It

The TwelveFold project leverages a method called “inscribing,” which allows creators to connect data to an individual satoshi and host metadata on-chain. This essentially enables the concept of NFTs on the Bitcoin blockchain. Yuga Labs expects the technology and ecosystem around Bitcoin-based NFTs to evolve differently than other blockchain NFT ecosystems.

Conclusion

TwelveFold is a novel approach to generative art, leveraging the Bitcoin blockchain to create a unique art collection. While the technology is still nascent, it represents a significant step in the evolution of NFTs on the Bitcoin blockchain.

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Yuga Labs Acquires Roar Studios to Expand Metaverse Vision

by Blockchain News

Yuga Labs, the web3 company known for its association with Bored Ape Yacht Club (BAYC), CryptoPunks, Meebits, 10KTF, and Otherside, has announced its agreement to acquire Roar Studios, a firm at the intersection of gaming, social media, and the metaverse with deep technology and AI roots. The announcement was made on July 31, 2023.

Key Details of the Acquisition

Roar Studios’ Contribution: Roar Studios is the developer of ROAR, an immersive media experience that allows artists and fans to connect, collaborate, and compete in real time. The platform combines innovative proprietary technology with established MMO game and platform systems, creating an experiential, semi-autonomous music and entertainment world.

Integration with Yuga Labs: As Yuga Labs develops Otherside, its ambitious, interoperable metaverse, the Roar team will contribute their innovative technology, specialized expertise, and leadership. The acquisition aligns with Yuga’s vision of creating new ways for communities to connect and express themselves.

Leadership Changes: Eric Reid, Founder and CEO of Roar Studios, will join Yuga as the General Manager of Otherside. He will be responsible for evolving the vision and leading the development and production of the platform.

Yuga Labs’ Background: Yuga Labs has been shaping the future through storytelling, experiences, and community in the web3 space. Since their launch in April 2021, they have made headlines for releasing IP licenses to their NFT holders, acquiring rights to other top collections, and making web3 history with Otherside. In March 2022, Yuga Labs raised a $450M seed round at a $4B valuation.

Statements from the Companies

Daniel Alegre, CEO of Yuga Labs, stated, “Roar Studios has redefined what it means to experience media content in the metaverse. Roar’s dedication to creative content creation and social connections will accelerate our execution of our bold vision for Otherside and Yuga’s ecosystem more broadly.”

Eric Reid added, “Our team’s mission is to empower players to create and be social in a community-driven, open media experience, so our work fundamentally aligns with Yuga’s larger web3 metaverse strategy. When Daniel and Mike Seavers opened the door for us to contribute to Yuga’s paradigm-shifting approach to content and immersive experiences, we jumped at the opportunity.”

The acquisition of Roar Studios by Yuga Labs signifies a strategic move to enhance Yuga’s metaverse offerings and leverage Roar’s technological innovations. By integrating Roar’s immersive media experience and aligning with Yuga’s web3 metaverse strategy, the collaboration aims to redefine the way media content is experienced in the virtual world. The addition of Eric Reid to Yuga’s leadership team further strengthens the company’s vision for Otherside and its broader ecosystem.

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Yuga Labs Appoints Former Activision Blizzard COO as CEO

by Blockchain News

Yuga Labs, the company behind popular NFT collections, Bored Ape Yacht Club and CryptoPunks, has announced the appointment of a new CEO, Daniel Alegre. Alegre joins the NFT startup following his resignation as the President and COO of Activision Blizzard, a gaming giant responsible for popular gaming franchises like Call of Duty, World of Warcraft, Diablo, and Candy Crush.

Alegre’s LinkedIn profile indicates that he has extensive experience in the gaming, entertainment, and technology industries. He previously worked for the German media conglomerate Bertelsmann for nearly six years before joining Google, where he served in various leadership positions overseeing operations in Asia Pacific and Latin America, as well as global shopping revenue and retail ecosystem engagement.

Alegre’s appointment was announced by Yuga Labs in December, and he officially joined the company on April 1. In a press release, Alegre expressed excitement about the company’s pipeline of products, partnerships, and intellectual property, stating that they represent a massive opportunity to define the metaverse.

However, Yuga Labs faces a class-action lawsuit filed in the United States in December, which accuses the creators of the Bored Ape Yacht Club of misleading investors about the financial benefits of Yuga securities. The lawsuit also claims that celebrity promoters were used to lure in more investors. Investors who bought Bored Ape Yacht Club and CryptoPunks between April 23, 2021, and December 8, 2022, may be entitled to compensation, according to Rosen Law Firm.

Apart from this, Yuga Labs co-founder, Wylie Aronow, took a leave of absence in January to prioritize his health following a congestive heart failure diagnosis. It is unclear when he will be able to resume his responsibilities.

Alegre’s appointment has been considered a bold move in the NFT industry. Kieran Warwick, co-founder of the blockchain role-playing game Illuvium, stated that Yuga Labs’ new hire is “big for all of GameFi,” suggesting that Web3 gaming will spark the next crypto bull run.

In conclusion, Yuga Labs has appointed a new CEO, Daniel Alegre, to lead its NFT startup that created the Bored Ape Yacht Club and CryptoPunks collections. Despite facing legal challenges and the absence of one of its co-founders due to health issues, Alegre’s appointment has been hailed as a significant move in the NFT industry.

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Yuga Labs earns millions from new NFT collection

by Blockchain News

Yuga Labs, an NFT conglomerate, has made headlines with the recent success of its latest NFT collection. The company is well known in the NFT world, having launched some of the most popular and valuable collections to date. Their most recent success comes from a new NFT collection minted as part of the “Dookey Dash” web game.

The game’s players could mint a “Sewer Pass” NFT, which was originally needed to play Dookey Dash, and were invited to “The Summoning” to burn their passes in order to mint an NFT from the new collection titled HV-MTL, or Heavy Metal. The new collection features 30,000 NFTs that resemble robotic-like cubes which will later reveal a “Mech” according to the collection’s OpenSea description.

The collection has rocketed on the secondary market since it dropped, with the current floor price sitting at 2.3 ETH, around $4,000, and total trading volume has hit over 6,050 ETH, equivalent to around $10.3 million. With Yuga’s creator earnings set to 5%, the project has already earned the firm over $500,000.

The success of Yuga Labs is not new to the NFT world. The company has already created a number of successful NFT collections, including “Bored Ape Yacht Club” and “Mutant Ape Yacht Club.” These collections have been highly sought after by NFT collectors and have been known to sell for millions of dollars.

Yuga Labs has been successful for a few reasons. Firstly, the company has managed to build a loyal following of collectors who are willing to pay high prices for their NFTs. This has been achieved through the creation of high-quality and unique NFT collections that are highly sought after. Secondly, the company has managed to create a sense of community around its NFT collections, with members often collaborating and working together to create new and exciting projects.

However, Yuga Labs’ success has not come without controversy. The company has been accused of using insider information to benefit its own projects and has been accused of engaging in price manipulation. The controversy has led to some investors questioning the ethics of the company and has led to a decrease in the value of some of its NFT collections.

Despite the controversy, Yuga Labs continues to be a major player in the NFT world. The success of its latest collection, HV-MTL, is a testament to the company’s ability to create highly sought after NFTs. It remains to be seen what the future holds for Yuga Labs and the NFT market, but one thing is for sure, the company is here to stay.

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Jimmy Fallon Fights Subpoena in NFT Legal Battle

by Blockchain News

The current litigation between Yuga Laboratories Inc. and Ripps et al. has brought attention to the intellectual property and trademark rights that are associated with the NFT industry. In a separate case involving Yuga Laboratories and securities fraud, Fallon is a co-defendant with Paris Hilton. During his program, Fallon disclosed that he had purchased a non-fungible token (NFT) issued by the Bored Ape Yacht Club. Notwithstanding this, Fallon’s legal team asserts that their client is not a party to the lawsuit involving Yuga Laboratories and Ripps and has nothing to do with the aforementioned case.

Collectors now have a new option to acquire rare pictures in NFT format as a result of a cooperation between Getty Images and Candy Digital. Beginning on March 21, customers will be able to make purchases of the NFTs on Candy Digital’s website. Prices for the NFTs will range anywhere from $25 to $200. The United States of America, the United Kingdom of Great Britain, and Japan are just some of the locations where consumers will be able to purchase the new release.

With the purpose of providing real-time insights into the digital asset ecosystem, Forkast Labs has introduced a number of NFT indexes, one of which is the Forkast 500 NFT index, which evaluates the performance of digital assets on 21 different blockchains. These indexes attempt to give a more complete measure of the health of the NFT economy, which is difficult to determine using standard market rankings based on prices, sales, and transaction volumes. These indices aim to provide a more comprehensive assessment of the health of the NFT economy.

The trade volume on the NFT market surpassed $2.04 billion in February, representing a 117% increase from January’s figure of $941 million, indicating that the sector is expanding. Its expansion is attributable to Blur, a developing market that just overtook OpenSea in trade volume. This month alone, Blur eclipsed OpenSea. Even while there are indications that a positive trend is developing in the market, the NFT area is still in the process of evolving, with new possibilities and legal conflicts forming.

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NFT Firm Yuga Labs Faces Criticism Over Bitcoin Auction Plan

by Blockchain News

Yuga Labs, the non-fungible token (NFT) firm that gained prominence due to multiple Ethereum-based NFT collections, has drawn criticism from the cryptocurrency community over its plan to auction its new Bitcoin NFT collection. The “TwelveFold” collection, which comprises 300 NFT-like images inscribed on satoshis using the Bitcoin-native Ordinals protocol, opened bids on March 5.

However, Yuga’s plan for the auction has raised concerns among some members of the crypto community. According to the company’s press release, those participating in the bidding process must send their entire bid amount in Bitcoin (BTC) to a unique BTC address controlled by Yuga. Winners would then pay up the BTC they bid, while Yuga said it would return BTC to those who were unsuccessful in placing a top bid.

Critics have pointed out that Yuga’s plan to conduct refunds for unsuccessful bids manually is outdated and inefficient. The user behind an Ordinals-focused Twitter account, “ordinally,” called the auction model a “scammer’s dream.” Although he doubted Yuga would keep the BTC from failed bids, he argued that the way the company carries out the auction sets a “REALLY bad precedence.”

The criticism escalated when Bitcoin Ordinals creator, Casey Rodarmor, weighed in on the discussion, telling Yuga to “get fucked” and calling the conduct of the auction “degenerate bullshit.” He added that if Yuga were to conduct a similar auction in the future, he would encourage others to boycott the project.

Other users also highlighted the shortcomings of the auction system. Some suggested that it’s possible for some to overpay for a TwelveFold due to a potential significant price discrepancy between the highest and lowest bids in the top 288.

Despite the criticisms, some users appreciated the fact that Yuga is attempting to bridge the gap between Ethereum and Bitcoin. The Ordinal Pizza OG collection expressed excitement at Yuga’s BTC collection and called it a “massive net positive for Ordinals.”

Despite the backlash, bidders are still keen to secure a top spot in Yuga’s first BTC collection. At the time of writing, the top bid was 1.11 BTC (around $25,000), with the lowest bid registered showing as 0.011 BTC, or around $250, according to the TwelveFold website.

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Bored Ape Yacht Club Creators Launch Bitcoin NFT Collection

by Blockchain News

Yuga Labs, the creators of Bored Ape Yacht Club (BAYC), have announced a new collection of non-fungible tokens (NFTs) called TwelveFold. The collection features 300 tokenized computer-generated artworks on Bitcoin, with each artwork representing a base 12 art system localized around a 12×12 grid. Yuga Labs designed the collection to explore the relationship between time, mathematics, and variability using the Bitcoin blockchain. The TwelveFold collection is set to go up for auction later this week.

Yuga Labs explained the concept behind TwelveFold in an accompanying blog post, saying the collection is an allegory for the cartography of data on the Bitcoin blockchain. The post further explains that satoshis are the smallest individually identifiable units of a Bitcoin and that an inscribed satoshi can be located by tracking when that satoshi was minted in time via the Ordinal Theory protocol.

The move to launch a new NFT collection on Bitcoin comes amidst falling search interest for NFTs, as indicated by Google Trend data. However, NFT trading volume data from February suggests that the market is still strong, with $997.14 million worth of global NFT sales for the month.

In other news, the Golden Key NFT, won by Twitch streamer Mongraal in a Dookey Dash competition hosted by Yuga Labs, has been sold for 1,000 Ether to Adam Weitsman, BAYC NFT hodler and CEO of scrap metal shredding company Upstate Shredding. The Golden Key is bound to unlock something special from Yuga Labs, although the specific details have not yet been revealed.

Polygon Foundation, the nonprofit organization behind Ethereum layer 2 scaling network Polygon, has partnered with South Korean multinational conglomerate Lotte Group to host the firm’s NFT projects. The partnership will see Lotte’s avatar-based NFT project BellyGom ported over to Polygon from the Klaytn network and rebranded as BellyGom season two. The NFTs offer hodlers benefits relating to Lotte’s product and service lines, such as shopping discount coupons and hotel vouchers. The move adds to Polygon’s growing list of partnerships with major brands such as Starbucks, Adidas, Adobe, and Prada. Lotte intends to develop its Web3 initiatives in partnership with Polygon, aiming to expand its NFTs to a global audience and develop “a new NFT business model rather than simply issuing NFTs.”

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Yuga Labs to Raise $50m by Launching New NFT Collection “Mecha Apes”

by Blockchain News

Yuga Labs, the startup that developed the Bored Ape Yacht Club (BAYC) series of non-fungible tokens (NFTs), plans to launch a new NFT series, “Mecha Apes”, by the end of this year, according to a filing on Sept. 15.

The new collection of NFTs is aimed at raising $50 million and 100,000 metaverse parcels.

Previously, Yuga Labs successfully raised $600 million by selling its NFT series “Otherdeeds for Otherside” at an initial price of $6,000.

Team Yuga continues to expand its reach in the emerging Web 3.0 and metaverse worlds by acquiring IP rights to the CryptoPunks and Meebits series.

Yuga Labs has been low profile on releasing the NFT series. Still, the company has launched a Mecha Piece as a product in the Otherdeeds virtual land, and Yuga Labs has not disclosed any information about the Mecha Apes collection.

In March, the team also floated the ApeCoin (APE) token, which rose to become the best performer, as detailed by Blockchain.News. 

Yuga Labs proposed to move ApeCoin from Ethereum to its own blockchain, and Ape holders are currently competing for this proposal.

Meanwhile, Yuga Labs raised funds worth $450 million in March. As a result, the funds effectively placed the blockchain startup at a $4 billion valuation. The team aimed to inject the funds into building a media empire that predominantly features NFTs.

This fundraising came days after Yuga Labs unveiled a metaverse project dubbed the “Otherside”. The teaser featured an animated Bored Ape NFT smoking Tobacco in what appeared to be a metaverse-themed world.

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Yuga Labs Comes up With New Condition For Meebits NFT Sales

by Blockchain News

Following the CryptoPunks acquisition in March, non-fungible token (NFT) giant Yuga Labs will now receive 5% on all secondary sales conducted by Meebits.

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The 3D voxel character creator, Meebits took to its Twitter page to announce the new move. According to the post, the move is necessary to help keep the Meeb party going.

In March, NFT behemoth Yuga Labs acquired the intellectual property (IP) rights to Crypto Pinks and Meebits NFTs from Larva Labs. The NFT giant took possession of 423 CryptoPunks and 1711 Meebits at the time. Through the acquisition, Yuga Labs gained ownership of the brands, copyright in the art, and other IP privileges. 

The merger provided Meebits and CryptoPunks holders with equal commercial rights as holders of Yuga Labs’ previous collections. Although Yuga Labs is the designer and creator of Bored Ape Yacht Club (BAYC), the holders of Meebits and CryptoPunk NFTs are not obligated to take on the model which the club utilizes.

Yuga Labs explained that the merger is a window to align both collections with the Web3.0 ethos. The NFT giant advised other developers and community creators to induct both CryptoPunks and Meebits into their Web3.0 projects.

“By handing over these rights, we’re further aligning CryptoPunks and Meebits with the web3 ethos, and we expect a wide range of third-party developers and community creators to incorporate CryptoPunks and Meebits into their web3 projects. We’ll be building the overall brand right alongside them.” the announcement read.

Yuga Labs Charges a 5% Royalty Fee on Meebits NFTs

Since the acquisition, Yuga Labs along with its legal team has been working on drafting new terms and conditions for the CryptoPunks and Meebits holders. Most previous NFT collections connected to Yuga Labs all had royalty charged on them. 

For Bored Ape Yacht Club and Bored Ape Mutant Club, a royalty of 2.5% is charged. Otherdeeds, the NFT connected to the Otherside virtual land plots charges 5% as royalty. Now, Meebits has joined the train and has now been made to pay a 5% royalty fee on all its NFT secondary sales.

Meanwhile, Yuga Labs investors are compiling a lawsuit with legal firm Scott+Scott to sue the NFT giant who they accused of instigating the community to invest in BAYC collection. The draft is yet to be completed and filed, as Scott+Scott is still trying to gather affected investor to solidify its class action lawsuit.

 

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Yuga Labs Files Lawsuit Against Artist Producing BAYC Copycat Collection

by Blockchain News

Yuga Labs, the blockchain startup behind the Bored Ape Yacht Club (BAYC) Non-Fungible Token (NFT) collection has filed a lawsuit against digital artist Ryder Ripps and several associates for producing a copycat version of Bored Apes. 

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In the 43-page lawsuit filed in California on Friday, Yuga Labs argued that the move from Ryder and his cohorts is an attempt to devalue the economic value of the Bored Ape NFTs. The team confirmed that there are only 10,000 Bored Apes out there with many prominent celebrities proud to have them as their digital identities.

The suit noted that Ryder and his team are creating a new collection using the original copies of their flagship NFTs and calling this new collection “RR/BAYC” NFTs.” The suit is praying the court to restrain Ryder and his team from “engaging in further interference with its prospective economic relations,” as well to compel them to pay damages and attorneys’ fees.

Ryder has been on the frontlines in recent times, accusing Bored Ape of creating the NFTs with Nazi ties, a claim that Yuga Labs has denied with facts.

Yuga Labs is arguably the biggest name in the Web3.0 ecosystem, and besides its BAYC collection, it currently controls the IP to the CryptoPunks and Meebits collection following the purchase of these collections earlier this year. The startup has been introducing impressive products for its NFT holders, launching the Otherside metaverse project in an attempt to build a media empire that will feature and provide utility to all of these NFTs.

Fighting infringement on its Intellectual Properties is one of the lawsuits being fueled by the Yuga Labs team. The startup has had to be named as the defense to a number of lawsuits filed by aggrieved holders, particularly with respect to the constant breaches of its social media account that led to the loss of valuable NFTs.

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