Yuga Labs, the creator company behind the BAYC, came forward and issued several statements amid the ongoing allegations against BAYC.
Image Credit: Advent
Yuga Labs: a glimpse into the past and future
Firstly, the company talked about the inspiration behind the name of Yuga Labs, where they mentioned that Yuga is the name of a villain in a game, who can turn himself and others into 2D art. Next, the company disclosed that the idea for BAYC was inspired by the long history of people affectionately referring to themselves as apes in Crypto.
Moreover, Yuga Labs explained how they turned the idea into an entire collection of apes, who became extremely wealthy because of the rise of cryptocurrency. As a result, the apes are now bored and have settled into a swampy secret club. Hence, the name Bored Ape Yacht Club was chosen.
Furthermore, to make the logo more interesting, the creators went with an ape skull to convey the message – the apes are too bored to do anything.
BAYC’s official logo
Talking about the logo, Yuga Labs, tweeted “It’s a ‘Yacht Club’ that’s actually falling apart and smack dab in the heart of the Everglades. As such, it needed an appropriately grimey, intriguing logo.”
Considering BAYC’s popularity, creators never imagined that the NFT project would be so successful. They also expressed their gratitude towards the community.
Before the launch of BAYC, NFT collections used predatory pricing structures (‘bonding curve’ pricing).Image Credit: Yuga Labs
Since the start of the project, the creators wanted every Bored Ape NFT holder to be equal. And the company achieved this by giving each BAYC owner full commercial usage rights over their NFT.
More about the Yuga Lab’s team
Basically, 4 real-life friends with diverse backgrounds founded the Yuga Labs.
The founding company also provided some details about their work crew. Yuga Labs’ working team comprises 11 full-time employees and numerous contractors. These contractors handle video games, merch, digital, and physical experiences, etc.
What’s more, the creators also made the following remarks regarding the future visions of BAYC :
- We see ourselves as temporary flight attendants of IP, which is in the process of becoming more and more decentralized. Our ambition is for this to be a community-owned brand, with tentacles in world-class gaming, events, and streetwear.
- We think there’s still much work to do. So we can ensure that what we hand over to the community is in as strong a position as it can be.
Lastly, explaining why they came into NFTs, the creator company said, “We’re gamers at heart. The metaverse is very real to anyone who lost years of their life (and made lifelong friends) in World of Warcraft, Everquest, Star Wars Galaxies, Runescape etc. NFTs usher in a new era of compossibility and ownership that we think can fundamentally improve gaming experiences. We have some ideas about how to make that happen.”
