Bored Ape Yacht Club

Yuga Labs: Community Core Web3 Gaming

Yuga Labs’ steaming hot juggernaut continues to play a massive role in Web3 gaming and its future. The studio has a lot under its belt, it is the creator of the Bored Ape Yacht Club in 2021 which was a massive success. Since then it on a role creating new IPs, buying some, several successful projects, and a top new gaming project, the Otherside. Another super successful runner web3 game by Yuga Labs is Dookey Dash which made waves on social media. But how did Yuga Labs reach superb heights? What is their gaming strategy? How simplest of games in less time doing well and not breaking? What elements are important in a successful Web3 game? Yuga Labs Chief Gaming Officer Spencer Tucker shared insights on Yuga Labs\’ journey and future while talking in Naavik Gaming Podcast.

Necessary Elements in a Web3 Game According to Yuga Labs

While talking in the podcast, Spencer clearly states that creative storytelling, gameplay experiences, and a vibrant community is surely significant. However, for a web3 game, the concept of scaling which rests outside of these three elements is also important. These two things are distinct and important equal parts. For Yuga Labs, their focus lies on the core, which is their community, specifically its NFT community. The idea is to deliver quality to its core community. But the question here lies in the scaling and growth of the community. How do you scale it? How to make the game durable, and sustainable, and how to make community related to games. The community is the soul of the game and this is where the developers need to keep their focus.

This is something where Yuga Labs is excelling at unprecedented levels. Recent Yuga Labs events involving Dookey Dash and Otherside show how spectacular it is for them. The Dookey Dash community engagement saw 26000 passes and 25000 unique users. The game saw 7.7 million dashes in just 3 weeks which makes it 300 dashes per player. The stats show that the community spent a handsome amount of time playing Dookey Dash. Additionally, the game also saw attracting people outside of the Yuga Labs community of fanbase. Well heck! the winner of the 21 days event was a professional player of Fortnite player.

Yuga Labs Two Distinct Approaches

Yuga Labs is working on two different and distinct ends at once. One, its metaverse project which is a long-term project and might take years to complete. While on the contrary, Yuga Labs rolled out games in just a matter of months that are working fine and are well-received by the community. Spencer talks about the interoperability of Yuga Labs games where the games are related to each other. These games are sequences of games that support each other. For example, the utility of game passes is not confined to one game rather it will come in handy in other games as well. The content and its value are relative to multiple experiences and work in an ecosystem. So, there are multiple verticals running in the Yuga Labs ecosystem at the same time and all of them are interrelated.

Yuga Labs is much more than toilet humor or likewise edgy stuff. Yuga Labs has given a playing field to the creators and there are universes under development on top of Yuga Labs universe. The example here is in Mutant Hounds which is L2 to the Bored Ape Yacht Club’s L1. This provides people to become creative and build audiences away from Yuga Labs\’ reach.

Scaling the Community

The first and foremost thing about scaling the community is not losing sight of the core. The community always creates the culture around them. Additionally, the interaction between the creators and the community sets the right direction for the project. This is achievable by networking externalities and crowd source growth and engagement. The creators can come up with a system that incentivizes the community member for their activity.

Yuga Labs Eyeing the Future of Web3

According to Spencer, Yuga Labs eyes to keep the momentum building over time by rolling out valuable content and projects periodically. We can safely say that Yuga Labs will not allow long cycles of development with nothing for its community. Yuga Labs will leverage its strength to keep the community engaged by letting them give their input on the project. It plans to achieve this by allowing people to see what the developers are doing. This will mean less direct work from the developers and more of a collective nature of work from everybody involved in the Yuga Labs universe.

Yuga Labs- Community Core Web3 Gaming

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NFTs are Alive!

The NFT Market Reserruction 2023

NFTs are rising from the dead, well heck! It wasn’t dead in the first place. The lifeless body of the NFTs market has started twitching and rising. Ladies, and gentlemen! NFTs are alive, well, and kicking. The recent NFT trade activity in the marketplaces has defied the reports that NFTs are gone forever. We have our hands on NFT sales data for the month of January 2023 which a lot of NFT critics won’t like. The NFT sales on the Ethereum blockchain, which records most NFT trades, soared high and reached $780.2 million. When we compare the figures with the previous month i.e. $546.9 million, it shows that NFT trading is rising again. 

Thanks to the data tracking by CryptoSlam, NFTs are showing signs of life and pulling back from the steep nosedive just like the crypto industry.

NFTs Making a Comeback

So, what kind of NFTs are selling like hotcakes at the moment? Well, digital art collectibles are a big hit since January this year. The top NFTs that managed to grab the attention of the community are “Bored Ape Yacht Club# 5840.” So, the NFT shows a cartoon monkey emitting green laser beams from its eyes. This NFT bagged a sale worth $822, 730. Another example is “CryptoPunks#7674”, a pixelated 8-bit character smoking a pipe, which went for $433,555. These are spectacular figures given the ongoing recession and crypto winter. However, the average sale price of NFTs is still modest accounting for $372.38. 

Although the NFT sales at the start of 2023 are promising, when compared to January 2022 it’s not even a fraction. Last year January saw $5 billion worth of sales and NFTs were enjoying a high ride. The decline started to emerge in Q2 of 2022 when May had $2.7 billion worth of NFTs trading. During Q2 2022, the market took a severe nose dive and many started regarding NFTs as a thing of the past. 

NFTs Past, Present, and Future

Nonetheless, the NFT market is getting back on its feet and inching its way out of the abyss it had fallen earlier. A month before January, NFT sales stood at $324 million, and rising to $780 million shows signs of significant recovery. Many traders and investors are betting on blockchain games, and powerful brands to lift NFTs once again. 

As of now, there are a total of 30,000 to 50,000 active NFT traders in the market which is expected to rise. Experts are of the opinion that the NFT marketplace will get back to its previous golden run if it manages to bring aboard a big wave of participants this year. 

“We will see another 2021-style run when we are able to really bring on board the next big wave of participants into the space,\” said Teng Yan, lead researcher at Delphi Digital.

However, it is too early to speculate a 2021 kind of run for NFTs this year. Although there has been a recent uptick, the fate of non-fungible tokens is still uncertain. Many cryptocurrency experts do not anticipate a recurrence of the 2021 surge in the near future. There are doubts about the enduring appeal of paying to have ownership of a digital file recorded on the blockchain, particularly when that file is available for free to anyone online.

Blur Entrance in NFT Market

The recent surge in NFT sales on the Ethereum blockchain may also be relatable to a new entrant in the market. Blur is a new NFT marketplace that managed to grab the attention of several key investors in the market. The new entrant Blur launched last year and offered free giveaways and airdrops to the community. According to data from DappRadar, the total trading volume of NFTs on Blur\’s platform over the past seven days has reached 101.2 million, slightly surpassing the 100.4 million seen on the dominant marketplace OpenSea.

Blur\’s NFT trading volumes were slightly higher than OpenSea\’s in the last seven days. However, over the past 30 days, OpenSea has remained the leader with trading volumes totaling $443.98 million, compared to Blur\’s $366 million.

Bitcoin Blockchain Minting NFTs

There is a recent buzz among crypto enthusiasts due to a novel application of the bitcoin blockchain for creating an NFT collection. Bitcoin Punks, a series of monkey-themed NFTs and a spin-off of the popular CryptoPunks collection, has garnered attention. According to some media reports, Bitcoin Punk NFTs made as much as 9.5 bitcoin, equivalent to roughly $205,000.

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