Yuga Labs produces and manages high-profile NFT collections, most notably Bored Ape Yacht Club, and is expanding into Bitcoin-native NFTs. The company sold NFTs from its TwelveFold collection using the Ordinals protocol. Co‑founder Greg Solano has discussed Yuga’s interest in Bitcoin NFTs and the controversy surrounding Ordinals. The firm acknowledged competitive dynamics in the broader NFT marketplace. Yuga’s recent activity included a significant auction that generated material proceeds, and leadership commented on the outlook for Bored Ape Yacht Club. Yuga Labs is best known for creating the Bored Ape Yacht Club NFT collection and recently launched Otherside, a 3D social metaverse whose Otherdeeds serve as virtual land titles. In a public mint the firm sold 55,000 Otherdeeds at roughly $7,000 apiece, generating roughly $285 million (peaked near $320 million before ApeCoin fell). Purchases were conducted in ApeCoin (APE), and secondary listings showed cheapest Otherdeeds near 7 ETH (about $19,000) at publication. The mint produced extreme Ethereum congestion, with traders spending over $176 million on gas fees during the event. Yuga Labs has previously raised $450 million from Andreessen Horowitz and issued a public apology after the mint; it has discussed refunding gas fees. The company also floated migrating ApeCoin to its own chain or building a dedicated blockchain to scale the project. Yuga Labs is a web3 platform and culture, gaming, and entertainment company known for the Bored Ape Yacht Club and its acquisitions of CryptoPunks and Meebits. The company announced a metaverse project called Otherside and has showcased an initial glimpse of it. Yuga says it is building an interoperable world for people to explore and play in and emphasizes blockchain’s cultural impact. The company plans to use new funding to scale its team and attract talent across creative, engineering, and operations functions. It also intends to deploy capital for joint ventures and partnerships. The funding round values the company at $4 billion post-money.

Total raised

$752M

Funding rounds

3

Latest round

Initial Coin Offering

Latest activity

Mar 2023