A section of this article was updated. We made reference to ApeCoin (APE) as the native token of Yuga Labs. ApeCoin was launched by the Ape Foundation, and while Yuga Labs was a launch contributor, they are not responsible for the coin, which is governed by the ApeCoin community via Ape DAO. We apologize for any confusion.
Yuga Labs, the Web3 company behind the most successful NFT collection to date, the Bored Apes Yacht Club, will be run by Daniel Alegre. He previously worked on World of Warcraft, Candy Crush, Call Of Duty, and other popular games.
Moreover, the new CEO of Yuga Labs comes from Activision Blizzard, the renowned American video game company. Daniel Alegre took the wheel of the Bored Apes Yacht Club just two days after announcing his resignation from Activision Blizzard. Besides, Mr. Alegre is a new member of the Mutant Ape Yacht Club, having acquired the funky MAYC #3850.
Thank you to so many for the very kind messages and reception to today's announce. I am excited to join the @boredapeyc with my new Ape. Discovering something new about my Mutant every second! pic.twitter.com/mrRsvUdScW— Daniel Alegre (@dalegre) December 20, 2022
A Year of Surprises for Bored Apes NFT
This year, the Bored Apes Yacht Club NFT avatars were featured on MTV VMAs, while actor and TV producer Seth Green wrote a script to use his Bored Ape NFT in an upcoming TV show. On the other hand, the new developments in projects like Otherside by Otherdeed and Mutant Ape Yacht Club NFTs didn’t stop the Bored Apes from suffering a massive drop when the $55M BendDAO lending protocol drainage took place.
Besides, some regular-trait Bored Apes NFTs, like Justin Bieber’s teary-eyed Ape, have lost 98% of their market value since the beginning of the year. In contrast, the BendDAO ending protocol is back with 183.29% APY, while Binance also launched a Bored Apes NFT staking program recently.
2.98m+ $APE are staking via #BendDAO🔥— BendDAO.eth (@BendDAO) December 20, 2022
🙌 APY up to 183.29% to pair with #BAYC
👀 101 NFTs are waiting for pairing #BAYC #MAYC #BAKC #ApeCoin
Maximize the yield 👉https://t.co/6mlvy98XxK
ApeCoin Gets Snowballed by the Bears
Meanwhile, ApeCoin (APE), is going through a hard knock life this week. At press time, the 33rd ranked Bored Apes NFT-inspired altcoin ApeCoin (APE) is changing hands at $3.55, according to CoinGecko. Showing a slight 2% growth in the past 24 hours, Apecoin (APE) is still down by 19.2% in the last 7 days.
On top of that, the famous crypto primates, the Bored Apes NFTs, are getting slashed by the vindictive bears of the rough crypto winter all year round. To illustrate, ApeCoin (APE) hit an all-time high 8 months ago at $26.70, only to be close to full retraction now with an 86.8% decline.
However, the Bored Apes NFT collection notably progressed in adoption, as a countless number of celebrities praised the NFT project, including Snoop Dogg, who called BAYC “a cultural juggernaut.”
Snoop Dogg in Sanjay and Craig would have a meltdown if he saw this fraud making a bored ape NFT album featuring Eminem pic.twitter.com/yaGxlmud3M— Silly Snail ⛄ (Winter Wonderham) (@TheSillySnail) December 14, 2022
On the Flipside
- The Bored Apes just got hit with a massive class-action lawsuit, filled in the Central District of California.
- The case targets 37 celebrities, including Madonna, Steph Curry, Jimmy Fallon, Snoop Dogg, Justin Bieber, Future, Paris Hilton, and many more.
- The celebrities targeted are accused of misleading the public by promoting BAYC as a “safe investment.”
Why You Should Care
Yuga Labs is one of the largest blockchain & Web3 companies, valued at $4 billion in the last funding round.
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