Tag: yuga labs

Bitcoin NFTs Cross $100 Million in Monthly Trading Volume on Magic Eden: Report

The NFT sector is seemingly making a mark in the Web3 arena again after it underwent a bit of a downturn last year. The Bitcoin NFTs on the Magic Eden marketplace have reportedly managed to reel in $100 million (roughly Rs. 829 crore) in monthly trading volume in February. Findings from fresh analysis have disclosed that NFTs based on the Bitcoin blockchain have been the reviving factor for digital collectibles. Bitcoin-based NFTs gained popularity last year with the rollout of Ordinals.

The exact monthly trading volume figure for Bitcoin NFTs on Magic Eden stood at $107,373,917 (roughly Rs. 889 crore), data by Dune Analytics shows. Bitcoin NFTs formed the biggest chunk of the total monthly trading volume on Magic Eden this month, which stood at over $175 million (roughly Rs. 1,450 crore). Bitcoin was followed by Solana, Ethereum and Polygon on the marketplace. Additionally, Magic Eden saw over 45,000 Bitcoin NFT buyers this month and over 97,000 sellers listed their Bitcoin NFTs on the platform. Statistics show that the sales of Bitcoin-based NFTs picked pace when the price point of BTC reached and exceeded $25,000 (roughly Rs. 20.7 lakh).

As far as Ordinals are concerned, these NFTs had managed to garner around $173.28 million (roughly Rs. 1,433 crore) in revenue collectively via all NFT platforms in the month of May 2023 alone, data at the time had showed. Ordinal NFTs are inscribed on one Satoshi unit of the Bitcoin blockchain, which is the smallest denomination of Bitcoin named after its anonymous founder’s pseudonym, Satoshi Nakamoto.

Nine out of the highest valued NFTs sold in around May last year were supported on the Bitcoin blockchain. Ordinals NFT collections like Space Pepes, Bitcoin Frogs, and $NALS NFTs emerged on top of the heap.

Realising that the craze around Ordinals NFTs was heating up, Magic Eden had rolled out Magic Eden Bitcoin as a dedicated marketplace for digital collectibles based on Bitcoin.

Now that NFT sales are escalating again, Magic Eden plans to reap benefits. This week, Magic Eden also launched a new NFT marketplace for collections built atop the Ethereum blockchain. This marketplace is being launched in partnership with NFT creating platform Yuga Labs.

Ethereum blockchain remains the largest in terms of NFT sales volume, reportedly amounting to $202.5 million (roughly Rs. 1,678 crore).

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Two NFT Artists Ordered to Pay $9 Million to Yuga Labs for Infringing BAYC Designs, Turmoil to Continue

Two NFT artists, Ryder Ripps and Jeremy Cahen, have been ordered by a US court to shell out $9 million (roughly Rs. 74 crore) from their pockets and pay the sum to Yuga Labs, the creator of Bored Apes Yacht Club (BAYC) NFTs. The two parties have been embroiled in an intense legal battle since May 2022 after Yuga Labs accused Ripps and Cahen of copying the designs of its BAYC NFTs for their own separate line of digital collectibles named Ryder Ripps BAYC (RR/BAYC).

Earlier this week, a court filing ordered Ripps and Cahen to pay millions in damages to Yuga Labs. Prior to this filing, the court had mandated the artists to pay $1.57 million to BAYC and cover legal expenses.

The recent filing however, detailed that this penalty amount has been escalated after adding disgorgement, legal fees, and expert witness fees among some other charges within thirty days.

Cahen, who goes by the username @Pauly0x on X, reacted strongly to the refreshed court order. In a post, Cahen said that he along with Ripps will be “appealing this outcome in the Ninth Circuit Court of California”.

Back in May 2022, Yuga Labs filed a lawsuit against these two artists for copyright infringement. The company expressed concerns about these artists flooding the NFT market with copycat BAYC NFTs – labelling them as his RR/BAYC pieces – and devalued the original collection.

Ripps and Cahen entered into this legal battle with the intention of getting a payout worth $100 billion (roughly Rs. 8,30,484 crore), as per reports. For now, it’s just a matter of time before the next development in this case forges its future trajectory.

Last year, Yuga Labs itself had come under the scanner for copying the logo for its Bored Apes Kennel Club (BAKC) NFT series from Easy Drawing Guides, a platform that provides easy drawing tutorials for beginners. At the time, Greg Solano, the co-founder of Yuga Labs had claimed to have opened an internal investigation on the case.

Since NFTs are often seen as investment props, members of the community aim to ensure that buyers are not cheated by impersonators and scammers. Following back-to-back scams and volatility in the crypto market, the NFT sector failed to churn an impressive capital from sales last year.

NFTs peaked in September 2021 when sales of these digital collectibles managed to amass around $881 million (roughly Rs. 7,344 crore). However, as of November 2023, NFT sales reportedly only managed to bring-in $10.85 million (roughly Rs. 90 crore).

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BAYC Parent Yuga Labs Hires Former Activision Blizzard’s Head as Chief Executive

Call of Duty maker Activision Blizzard’s chief operating officer Daniel Alegre will join Bored Ape NFT maker Yuga Labs as its chief executive, the metaverse startup said on Monday.

The announcement comes days after the Biden administration sued to block tech giant Microsoft‘s $69 billion (nearly Rs. 5,70,300) takeover of Activision.

Alegre, who has served as operating chief at the videogame publisher since April 2020, will succeed Nicole Muniz as Yuga‘s CEO in the first half of 2023. Muniz will stay on as a partner and strategic advisor to the company.

Activision did not immediately respond to a Reuters request for comment. 

“Since exploding onto the scene with Bored Ape Yacht Club in 2021, Yuga Labs has quickly made a name for itself through a powerful combination of storytelling and community-building,” Alegre said.

The startup in March said it was valued at $4 billion (nearly Rs. 33,100 crore) after a $450 million (nearly Rs. 3,700 crore) funding round led by a16z crypto, Andreessen Horowitz’s crypto fund.

An NFT or a non-fungible token is a digital asset that uses blockchain technology to record who owns a digital object such as an image, video or in-game item. Bored Ape NFTs are often used as profile pictures on social media.

Back in September, Yuga Labs appointed Spencer Tucker as its Chief Gaming Officer. This was the first time that the 2021-founded Yuga Labs has hired someone dedicated to lead its gaming-related plans and initiatives. 

Previously, Tucker was the President of Games at Scopely and served as Senior Vice President of Product at Gree International Entertainment.

 

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ApeCoin Shoots Up in Value Following Yuga Labs’ Otherside Tech Demo

ApeCoin price has started the week on a positive note after Yuga Lab’s Bored Ape Yacht Club (BAYC) opened its Otherside metaverse for business and invited 4,300 “Voyagers” who had bought ‘Otherdeeds’ (digital land deeds) for a first-look tech demo and tour last Saturday. At the time of writing, APE was trading at $5.89 (roughly Rs. 471) after hitting a daily high of $6.07 (roughly Rs. 485). The price of APE has surged by close to 35 percent over the past week.

ApeCoin, which can be claimed by BAYC and Mutant Ape Yacht Club (MAYC) holders, was launched by ApeCoin DAO earlier this year. The utility token powers spin-off projects from the BAYC universe, most notably the BAYC-inspired metaverse game Otherside.

Back in May, the Otherdeed mint briefly sent Ethereum gas prices to the moon after more than $157 million (roughly Rs. 1,256 crore) in Ether was burned in gas fees.

Some reported paying more than double the sale price of 305 ApeCoin —approximately $5,800 (roughly Rs. 4.64 lakh) at the time — in gas fees alone, while others saw their transactions fail, but were still charged for gas.

In a litepaper published shortly after Saturday’s tech demo, the Otherside developers announced that only Otherdeed owners and “selected third-party developers” can participate in the game during its first phase, and only then after going on a “First Trip.”

According to the litepaper, “Phase 1” will see Otherdeed owners navigate Voyager’s Journey, an 11-part narrative game “surrounding a mysterious Obelisk that has appeared in the Otherside universe.” In Phase 1, Otherdeed owners will be able to contribute to the platform’s construction and shape its core capabilities as co-developers, via the Otherside Development Kit, the platform’s suite of creation tools.

“We believe in the extraordinary power of community and have seen firsthand how it can be a significant force for good in this industry,” the litepaper stated. “We aim to incentivise, empower, and recognise the expression, creativity, and ingenuity of Otherside’s community of contributors.”

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