3 of the most valuable NFT brands in the world now belongs to the same owner
Gather round children, here is another crazy tale from the wild west of Cryptoland.
You probably heard about one of the craziest news in the NFT world recently.
“Bored Ape Yacht Club creator buys CryptoPunks and Meebits”
If those mean nothing to you, here’s a quick breakdown.
Yuga Labs own Bored Ape Yacht Club (BAYC).
Larva Labs own MeeBits (MB) and CryptoPunks (CP).
Combined, BAYC + CP + MB = A LARGE FREAKING PORTION OF THE ENTIRE NFT MARKET
Essentially:
“Yuga Labs now controls three of the most valuable NFT collections on the market”
Oh and Yuga owns Mutant Ape Yacht Club too.
Yuga Labs is also bought more than 400 CryptoPunks and 1,700 Meebits from Larva Labs.
That’s a chunk of change right there, that will immediately see its value shoot up once news of this acquisition breaks out.
Yuga Labs is smart.
They weren’t the first mover, but they stalked Larva Labs and learnt well.
They tightened the narrative of their NFT collection, introduced perks and tried to nurture their community organically.
They gave the NFT owners full commercialisation rights to the NFTs they own.
That means once you buy the BAYC, you can do ANYTHING with it.
From opening a fast food restaurant with a Bored Ape staring at you, to printing stickers and gift cards.
Yuga Labs has a valuation of nearly $5B.
It is about a year old and has less than 50 employees.
I know companies that existed for decades with thousands of employees that will never reach valuation that high.
Now typically in the old world we live in, conventional and regulated, anti-trust and various government enforcements will come into play.
But this is cryptoland.
There are no cops, no regulation and no rules against monopolies.
Honestly, now that Yuga Labs has cornered the market, all they have to do is buy a few more valuable NFT collections like Azuki and World of Women.
Then, they can jack up the prices and manipulate the market all they want.
The NFT market in 2022 is estimated to be $35B.
Imagine owning not a slice, but a juicy majority of it.
Well played Yuga, well played indeed.
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