Yuga Labs acquires 10KTF and WENEW Labs, Beeple joins Yuga as an advisor
Bored Ape Yacht Club creator Yuga Labs has acquired Beeple’s WENEW Labs and NFT project 10KTF.
Beeple joins Yuga as an advisor, while WENEW’s CEO Michael Figge becomes Yuga’s Chief Content Officer.
The sales volume of the 10KTF collection has soared in the last 24 hours.
Yuga Labs has acquired Beeple’s NFT studio WENEW Labs, the creator of the popular NFT collection 10KTF. As a part of the new deal, Beeple, known for selling an NFT for $69.3 million at Christie’s auction, joins Yuga Labs as an advisor.
WENEW’s CEO Michael Figge will join Yuga as the Chief Content Officer. Almost 20 WENEW team members will move over to Yuga; Yuga’s full-time employees now amount to more than 100 people around the globe.
“WENEW and Yuga share a passion for imagination and storytelling, and joining forces means we can accelerate our efforts to bring more creativity to web3,”the Yuga Labs team wrote in a blog post.
WENEW is known for partnerships with renowned brands, such as Gucci, Louis Vuitton, Puma, Playboy, and Wimbledon. Its 10KTF is a virtual store created by the fictional character Wagmi-san in New Tokyo. Holders of the top 17 NFT collections (BAYC, Cool Cats, WoW, CryptoPunks, Meebits, and others) can purchase digital wearables for their PFPs.
According to a tweet, Wagmi-san is joining the Otherside metaverse.
The 10KTF collection has been pumping: OpenSea registered a 3,656% rise in 24-hour sales volume. BAYC saw a 565% increase; MAYC, CryptoPunks, and Otherdeed, all owned by Yuga Labs, also soared. In one day, the floor price of 10KTF rose from 0.165 ETH to 0.48 ETH.
Recently, Yuga hired its first Chief Gaming Officer. In June, Christie’s head of NFTs, Noah Davis, joined CryptoPunks as the brand lead. There’s no surprise that the company is expanding rapidly and is the leading player in the Web3 NFT project space.
However, it’s not all roses in the Yuga Labs world: The company is being investigated by the SEC (the U.S. Security and Exchange Commission). Yuga is accused of violating federal law by selling unregistered digital assets.
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