Crypto Gloss

Yuga Labs

Yuga Labs is a Miami-based NFT, gaming, and metaverse company founded in February 2021 by Greg Solano (aka “Garga”) and Wylie Aronow (aka “Gordon Goner”), alongside co-founders Zeshan Ali (“Emperor Tomato Ketchup”) and Kerem Atalay (“No Sass”). Yuga Labs created the Bored Ape Yacht Club (BAYC) — the most valuable and culturally prominent NFT collection of the 2021–2022 bull cycle — along with the Mutant Ape Yacht Club (MAYC), Bored Ape Kennel Club (BAKC), ApeCoin (APE) governance token, and Otherside (a metaverse/gaming project). Yuga Labs acquired the IP rights to CryptoPunks and Meebits from Larva Labs in March 2022 at the peak of the NFT boom.

Background

BAYC launched in April 2021 at 0.08 ETH (~$190) per ape. The 10,000-piece generative PFP collection sold out in 12 hours. Within months, floor prices exceeded 100 ETH (~$300,000+) as celebrity adoption (Jimmy Fallon, Eminem, Steph Curry, Post Malone) drove cultural cachet. Ownership of a BAYC NFT conferred commercial rights to the underlying art — a novel IP structure that fueled the PFP trend.

Key Assets

Asset Description
BAYC 10,000 Bored Apes — the anchor collection; floor peaked above 150 ETH
MAYC 20,000 Mutant Apes; distributed as serums to BAYC holders or sold separately
CryptoPunks Acquired from Larva Labs March 2022; 10,000 original generative NFTs (2017)
Meebits 3D avatar NFTs acquired from Larva Labs
ApeCoin (APE) ERC-20 governance token; launched March 2022; $4B+ FDV at launch
Otherside Metaverse/gaming platform; Otherdeeds land NFTs raised $310M in May 2022

ApeCoin Launch

In March 2022, ApeCoin (APE) launched via airdrop to BAYC/MAYC holders (100M APE total; 62% to ecosystem and community). The token immediately hit a $25+ price, briefly making BAYC NFT holders worth millions. APE token fell 95%+ from its 2022 peak through 2023.

Controversies

  • Doxxing: Founders’ identities were revealed by journalists in February 2022 without consent
  • SEC investigation: Yuga Labs received an SEC subpoena in October 2022
  • Otherside Ethereum gas war: The May 2022 Otherdeeds mint caused $150M+ in failed transaction fees on Ethereum mainnet
  • Ryder Ripps lawsuit: Artist Ryder Ripps sued over copyright; Yuga won, Ripps ordered to pay damages

Related Terms

Sources