One of the most prosperous non-fungible token initiatives has came from Yuga Labs, the digital asset incubator and parent company of Bored Ape Yacht Club. By becoming one of the most significant businesses in the Web 3.0 industry, Yuga Labs has accomplished the impossible. But what is the formula for its success?
Why is Yuga Labs succeeding?
An on-chain Web3 analyst with a stellar reputation, Liam Herbst, revealed the Yuga Labs success secret in a blog post on March 31. Bored Ape Yacht Club, Mutant Ape Yacht Club, Bored Ape Kennel Club, Meebits, Mecha, CryptoPunks, Sewer Pass, Otherdeed for Otherside, and Twelvefold NFTs are only a few of the well-known NFTs created by the digital assets firm.
After releasing its bestselling NFT collection, the Bored Ape Yacht Club, in 2021, Yuga Labs gained notoriety. Yuga Labs has since proceeded to offer additional non-fungible token ideas and ground-breaking new products.
A number of NFT initiatives were released by the digital asset company Yuga Labs last year, including its most popular metaverse project, Otherside, a virtual world created as an online multiplayer game that has strong ties to the Bored Ape Yacht Club ecosystem.
Yuga Labs, the $4 billion firm, had been making money up until November when the crypto market FTX crashed, causing the majority of NFT ventures to lose more than 80% of their value. Its utility tokens « $APE » and « Otherdeed NFTs » were down 85% at the moment.
Since many investors lost trust in and interest in NFTs during the crypto bear market, it was more difficult for crypto projects to acquire traction. This prompted NFT initiatives like Yuga Labs to look for ways to revive the stagnant sector. Wenew, a renowned storyteller, was purchased by Yuga Labs in November 2022 with the intention of using storytelling to draw in audiences. This strategy has proven to be a complete success.
Yuga Labs Uses Storytelling To Promote NFTs
Herbst thinks that one of the most effective methods to draw or hold attention is via narrative. People enjoy reading stories because they help them feel connected to the world. In the end, NFTs are about stories, and the value of those tales depends on how they are told.
Yuga Labs has just emerged, following in the footsteps of Disney, which bought Pixar to boost its metaverse narrative endeavors. The Wenew storytelling skills are also being used by the creator of Bored Ape to support its expansion.
Additionally, Wenew’s storytelling powers will assist Yuga in expanding its narrative outside of NFT through activations like Physical x Digital goods, the world-class concert experience that is Ape Fest, and significant brand integrations with brands like Gucci, LV, and TIME from Wenew’s client list.
Dookey Dash, a new metaverse game that Yuga Labs released earlier this year and which captivated the cryptocurrency community, using the same storytelling technique. This week, Yuga also unveiled their upcoming major narrative, « Legends of The Mara », a 2D strategy game in which owners of Otherdeed can claim a Vessel that hatches into a Mara.
Yuga Labs will keep releasing new metaverse tales and experiences through Wenew until the Otherside debuts. More narrative-shattering blockbusters are on the way from Yuga Labs, including the much awaited « The Trial of Jimmy the Monkey. » The main focus of NFTs is narrative.
