Yuga Labs has acquired NFT startup WENEW, creator of the 10KTF project and other co-brands.
WENEW co-founder Mike “Beeple” Winkelmann is joining Yuga Labs as an advisor on the deal.
Bored Ape Yacht Club the creator of Yuga Labs hasn’t finished expanding. After buying CryptoPunks and Meebits NFT project IP from Larva Labs in March, today the startup announced the acquisition NFTs Startup WENEW, co-founded by renowned artist Mike “Beeple” Winkelmann.
WENEW has been collaborating with a number of brands since launch in June 2021, including with Gucci, Louis Vuitton, Playboy and the Wimbledon tennis tournament. The startup is also known for 10KTF, an Ethereum NFT project built around a fictional tailor who creates digital clothing for various high-value companies. profile photo (PFP) projects— including bored monkeys.
Yuga Labs has acquired the startup and will add WENEW co-founder and CEO Michael Figge as its new chief content officer. Meanwhile, Beeple, best known for selling a single piece of NFT art. for $69.3 million at auction in March 2021 – will be an advisor to Yuga Labs.
10KTF is an NFT story project centered around a fictional “digital artisan” named Wagmi-san who designs custom outfits for owners of popular PFP projects including Bored Apes as well as Cool cats, Nouns, moon birds, and others could apply NFT to their own images. Owners can also order physical clothing based on their PFP images.
Clothing brands such as Gucci and Puma have previously collaborated with 10KTF on digital fashion. Yuga Labs already teased some kind of implementation of Wagmi-san in his upcoming series focused on bored monkeys. metaverse the game, Other side. This was announced by a representative of Yuga Labs. decipher that the terms of the deal were not disclosed.
An NFT is a blockchain token that represents ownership of a unique item, often for digital goods such as profile pictures, artwork, and collectibles. The Bored Ape Yacht Club is one of the most successful projects in space, generating nearly $2.5 billion in resale sales to date, according to data from CryptoSlam.
Last week, ahead of the acquisition announcement, the three co-founders of Yuga Labs signed a blog post along with 10KTF CTO Randy “Melonpan” Chang. criticizing OpenSea’s position in the NFT market for copyright royalties. The day after the post was posted, OpenSea changed course and stated that it would continue to pay royalties on secondary sales.
In March, following the news that Yuga had acquired the IP of CryptoPunks and Meebits, the startup announced that it raised $450 million at a $4 billion valuation.
One of Yuga’s backers was FTX Ventures, which burned down last week when the popular cryptocurrency exchange collapsed due to liquidity crisis. On Friday, Yuga co-founder Wiley “Gordon Goner” Aronov tweeted that the collapse of FTX “didn’t affect us” and that he had previously removed funds he had stored on FTX US.
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