Yuga Labs
Yuga Labs, known for its flagship NFT collection Bored Ape Yacht Club (BAYC), is a leading web3 startup that has expanded into various NFT collections and a gamified metaverse called Otherside.
Company History
Yuga Labs launched its flagship collection, Bored Ape Yacht Club (BAYC), in April 2021. Initially, 10,000 Bored Apes were minted for around $200 each. The collection quickly gained popularity and sold out by the early morning of May 1, 2021. Yuga Labs expanded its offerings with additional collections such as the Bored Ape Kennel Club (BAKC) and the Mutant Ape Yacht Club (MAYC). In 2022, Yuga Labs announced the launch of Otherside, a gamified metaverse. That same year, popular NFT collections like CryptoPunks, Meebits, and 10KTF joined the Yugaverse.
NFT Collections
Yuga Labs is known for several high-profile NFT collections. The Bored Ape Yacht Club (BAYC) includes 10,000 unique Bored Apes. Following BAYC, the Bored Ape Kennel Club (BAKC) introduced 10,000 dog companions for the apes. The Mutant Ape Yacht Club (MAYC) features 20,000 mutant apes, half of which were created through a unique serum mechanic. All these collections are now a part of the broader Yugaverse ecosystem.
Funding and Valuation
In March 2022, Yuga Labs closed a significant seed funding round, raising $450 million and securing a valuation of $4 billion. This investment underscores the company's rapid growth and strong position within the web3 sector. The funds are being used to further develop its metaverse project, Otherside, and expand its NFT collections.
Employee Benefits and Work Culture
Yuga Labs employs over 100 full-time staff spread across 38 cities. The company offers a range of benefits, including health, dental, vision, life, and disability insurance. Additionally, employees receive a monthly wellness stipend, flexible PTO, 12 paid holidays, parental leave, and voting and volunteer time off. Yuga Labs also provides stipends for home office setup, coworking spaces, and tech-related expenses. Despite having an HQ in NYC, the company has operated remotely since its inception.
Community and Initiatives
Yuga Labs has taken several steps to support its community and social initiatives. It decentralized the IP rights of Bored Apes, Punks, and Meebits, granting rights to holders of the underlying art. In March 2022, the company adopted ApeCoin as its primary token and pledged 6.25% of its ApeCoin holdings to the Jane Goodall Foundation. Additionally, Yuga Labs donated $1 million to Ukraine in March 2022. The company also hosts exclusive festivals, events, merch drops, and collaborations accessible to NFT holders.