all about cryptop referances
Yuga Labs will be back for more. At least that’s the word on the rumor mill, as an allegedly leaked document details an upcoming release, tentatively called “Mecha Apes,” that could hit the market by the end of the year. Let’s take a look at the details that have hit the wire in the early hours of the leak, and what we can expect to see from the Yuga before 2023.
Yuga Labs is of course best known for being the creators of the NFT project Bored Ape Yacht Club. They have developed BAYC into several highly successful derivatives, including the Bored Ape Kennel Club (BAKC) and the metaverse land project The Otherside. In addition, Yuga has positioned itself as a dominant IP holder in the NFT space, acquiring projects such as CryptoPunks (which was once seen as BAYC’s biggest competitor when it comes to “blue chip” NFTs).
Now, a new leaked report today, first unveiled by Protos, details what are allegedly the expectations for a new NFT project from Yuga Labs, titled Mecha Apes, with an alleged goal of raising $50 million. Yuga has already seen a valuation of roughly $4 billion based on previous investments, which include the likes of Andreessen Horowitz (a16z), Animoca Brands, FTX Ventures, and more. The leaked images that Protos refers to have not been revealed, leaving plenty of room for speculation as to what might be next for Yuga Labs.
Yuga’s desire to build a wide-scale metaverse, with its Otherside NFTs as its foundation, is no secret. But what as metaverse looks like is still very much up for debate. However, it appears, based on the Protos report, that the Mecha Apes could certainly plays an important role in the development of Yuga’s metaverse project; according to the Protos report, the Otherside NFT collection included ‘Mecha Pieces’. The challenge for Yuga will now be to prove that each part of the eventual metaverse flywheel – regardless of whether the Protos report is accurate or not – is a true value add, and not just a cash grab.
Ethereum (ETH) based NFTs, such as Yuga Labs Bored Ape Yacht Club, have been the dominant players in the market, despite other blockchains desire to content. The upcoming Ethereum merge will likely only prove to solidify Ethereum's position in the NFT market. | Source: ETH-USD on TradingView.com
Featured image from Yuga.com, Charts from TradingView.comThe writer of this content is not associated or affiliated with any of the parties mentioned in this article. This is not financial advice.
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