Yuga Labs

Yuga Labs is the Web3 firm behind the popular NFT projects, Bored Apes Yacht Club (BAYC) and CryptoPunks. The company launched its “Otherside” metaverse platform in July 2022, developed in collaboration with Improbable and Animoca Brands. The platform, which consists of a series of experiences, uses its native currency, ApeCoin, for its economy and ecosystem. The company’s Otherside Development Kit (ODK) are a suite of creator tools built in collaboration with Improbable to allow users to create avatars and items.

Experiences launched as part of the Otherside metaverse include a free version of its endless-runner game, Dookey Dash (January 2024) and Second Trip, a two-hour social experience where players can interact with other BAYC NFT holders (March 2023). Notably, Second Trip hosted over 7,000 concurrent players, the largest crowd of players in a virtual world at the time.

To streamline focus on its Otherside metaverse, Yuga Labs sold off two gaming experiences (HV-MTL and Legends of Mara) and their associated NFT collections to Web3 gaming studio Faraway in April 2024. Additionally, the company announced a round of layoffs in April 2024, as part of its restructuring efforts.

The company generates revenue via sales of digital land plots, and grossed USD 317 million in digital land sales for the initial launch of its Otherside metaverse in May 2022. According to OpenSea, Otherdeed NFTs have done 524,130 ETH (~USD 806 million) in total sales as of March 2023.

Acquisitions made to bolster development of its Otherside metaverse include that of NFT marketplace Proof (February 2024) and music metaverse platform Roar Studios (July 2023). Previously, in October 2023, the company laid off ~20% of its workforce, primarily affecting its customer service and marketing departments to concentrate on the development of the BAYC metaverse.

Funding and financials

In its latest funding round (March 2022), Yuga Labs raised USD 450 million in seed funding (USD 4 billion valuation) led by Andreessen Horowitz. The funds were raised to build its NFT-centric media business, which includes games and its metaverse project. As part of the deal, Chris Lyons (general partner at Andreessen Horowitz) was expected to join Yuga Labs’ board.