YugaLabs: Rome for Web3

As a cultural symbol, how did Bored Ape Yacht Club become a Web3 cultural symbol in just one year, and quickly spread to the Web2 world?

Reviewing the whole process is crucial, we must understand what we are investing and what we are creating, otherwise we will be blind.

Where does the price of PFP NFT come from?

Before answering this question, I would like to ask everyone to think about a question: when you are buying NFTs, what are you buying?

I believe that few people are really just buying a picture! “Frying pictures” is just a joke. If you look at the valuation of pictures, NFTs are full of bubbles. In August last year, I came to a conclusion that the valuation of PFP NFT is ultimately the valuation of the community behind the NFT, not the valuation of a picture. That’s why buy and hold BAYC.

If CryptoPunks is the originator of the 10k project, then BAYC is the first 10k project party that knows how to use NFT to mobilize and organize communities. Since then, all 10k projects have followed the path of BAYC: calling on everyone to change their avatars on Twitter; establishing the project’s Discord group; organizing offline activities that only NFT holders can participate in; doing PFP graffiti in the city… …remember, these are BAYC innovations.

YugaLabs: Rome for Web3

Celebrity Effect: Make Your Community More Valuable

It took 7 days for BAYC’s NFT to sell completely, and the quality of its initial community members was not good. However, BAYC did not stop at selling out works like the creators of art. They want a higher quality community. Since the PFP project valuation is equal to the community valuation, the introduction of celebrities will naturally boost the price of NFTs.So, when other projects are still thinking about how to sell and run, BAYC has already promoted it in the NBA, and let the superstars change their avatars on Twitter.

YugaLabs: Rome for Web3

The promotion of BAYC to the celebrity circle has brought two effects: First, when the Web2 world really wants to understand the Web3 world and NFT (especially after Beeple’s famous $70 million auction), through the spread of celebrity networks, BAYC has become the first window for ordinary people around the world to recognize the NFT world, which has laid the foundation for it to become the symbol of Web3 culture. On the other hand, the move solidified its position in the NFT market.

Open copyright:

Mobilize the second creation in the community and promote the spread of symbols

BAYC is also the first project to delegate the commercial rights of works to NFT holders, and they encourage work holders to make all secondary creations of the work. This also established another paradigm for the 10k PFP project: encouraging second-generation entrepreneurship; Meme competition; encouraging holders to do tattoos, manicures and cosplay of the project’s image, and expose them on social media… All of these are to shape the atmosphere of the community, Promote the spread of symbols with celebrities.

YugaLabs: Rome for Web3

Every spread of a symbol is an increase in consensus. Web3 is more eager for traffic than Web2, because Web2’s traffic is realized by advertising, and there is wear and tear in the middle; and Web3’s culture directly translates into purchase (NFT/Token). This means that traffic is more valuable in the Web3 realm. BAYC was the first to see this clearly. It was very wise to call on community members to change their avatars on Twitter in the early stage, to signing with a celebrity agency in the later stage.

Community Expansion:

Balance the relationship between the project party, the old community and the new community

In terms of outward expansion, YugaLabs also handles the relationship between the project party and the community very well. Different from teams that stick to the words “decentralization” and “self-organization”, YugaLabs regards the relationship between itself and the community as a community of interests. They all have the same goal: to raise the floor price of BAYC, to make BAYC the greatest project in PFP NFT, and those who hold BAYC to become the core circle in the NFT community.

When more and more people entered the Metaverse and the floor price of BAYC rose to 30-40ETH, YugaLabs decided to issue additional projects to generate income and expand the community. The method is: Dutch auction 10,000 MAYC, and then airdrop 10,000 bottles of mutation potion to BAYC holders. This move is very wise: it allows new holders to enter the circle of NFT OGs (if BAYC is not airdropped, newcomers cannot share a community with OG), and it maintains the interests of the original community.

Many people have criticized YugaLabs for leaning too much toward Web2 and out of the community. I can only prove how strong YugaLabs’ community operations are by helping you look back on these histories. Community members who have bought NFTs issued by YugaLabs have almost no regrets. In fact, only with such a strong Web3 community and culture can YugaLabs have the confidence to leverage the Web2 world.

After becoming the most powerful PFP, YugaLabs has not stopped its expansion. It dared to attack like the Romans, dissatisfied with dominance in the Latin world, but to build an empire. So there is the Ape plan in Deck, to issue land projects. The target of its attack is no longer CryptoPunks (which has been incorporated into its own territory), but Sandbox and Decentraland.

YugaLabs Deck: The shock of not staying alive

YugaLabs: Rome for Web3

Around March 18, YugaLabs’ financing Deck was wildly circulated on the Internet. 90 pages of Deck, 70 or 80 pages are in Versailles, and the remaining pages all point to one goal: configure the team and continue the offense.

Team configuration

Unlike many Web3 entrepreneurial teams, YugaLabs has completed the integration of itself and Web2, and has basically completed the construction of the top-level team. In addition to the original four founders from Web3, other executives are: Partner Guy Oseary is the founder of U2 and Madonna Agency; CEO Nicole Muniz has ten years of Internet marketing experience, clients include Google, Nick , HBO, etc.

Chief Operating Officer Jasmin Shoemaker has 15 years of operational growth experience, including Apple and Facebook; Chief Creative Officer Patrick Ehrlund has 15 years of brand experience (especially Storytelling, no wonder it has made such a strong Deck…), Clients include HBO, Kanye, Google, and more. In terms of configuration, this is a configuration that spans the Internet giants in Silicon Valley and the American fashion industry, and focuses on marketing operations.

Many people are confused by the Crypto Native slogan. As everyone knows, even if it enters Web3, the most important asset of the Metaverse is still traffic. From this perspective, the convergence of Web3 and Web2 is the general trend. There is no need to blush to say that Web3 practitioners are eager for Web2 traffic, and urgently need to use Web2 to expand their brands and improve their product experience. Advocating for changes in production relations all day long is just an airdrop, and it will only make people tired in the long run.

YugaLabs grew out of the parent body of Web3, built its own strong team spanning Web3 and Web2 one step ahead of others, and completed the integration of capital and resources from the Web2 world and the Web3 world. This is a huge first-mover advantage, at least a year ahead of other NFT blue-chip teams. This means that YogaLabs won’t have an opponent to contend with in the next year, so let’s see what they plan to do this year.

Goal: Unify the Metaverse!

Yes you read that right, YugaLabs’ plan is to unify the Metaverse. To be honest I was shocked when I saw this. Everyone thinks that the Metaverse has just begun, and there are still so many people who have not stepped into the door of the Metaverse at all. Many creators don’t even know what PFP is. YugaLabs is about to unify the Metaverse? What an international joke? See what YugaLabs has to say.

YugaLabs first sprayed land-based NFT projects, pointing out that MMOs have already existed, and Decentraland and Sandbox are not exciting at all (due to DCL and still have such a high valuation), and they are not the Metaverse that people want. Then he sprayed PFP, pointing out that all project parties want to build their own Metaverse, and they are not interconnected, this is not the future. Games like AXS aren’t even mentioned in the Deck because there’s no experience at all.

Yugalabs believes that a true Metaverse has stories that people are captivating and willing to participate in; people can find goals, place bets, and make important decisions; and people can connect with each other. And YugaLabs’ strength lies in the enviable Web3 culture, strong community and influence they have built.

YugaLabs: Rome for Web3

Opensea’s trading volume increased by 600 times last year, with an average daily trading volume of more than 150 million US dollars, of which 10% was contributed by BAYC.

Virtual games like never before

Based on this, YugaLabs will build a completely different virtual game from DCL and Sandbox. It has a story and culture; is open (allows users to bring in other PFP characters, or create in-game assets); provides an SDK for developers (allowing them to create games based on the platform); lands can be combined with real-world lands (This seems to incorporate the story of the latest Metaverse project, Dropp, as never before.)

Many people accuse the BAYC series of assets that are too expensive, ordinary people cannot participate, and the community is too small. So, the community built with 200,000 pieces of Metaverse land is big enough (more than Sandbox). In addition, these lands can be connected to the real world. Considering that the team members announced by YugaLabs are from Oculus, and seeing that they will invest $37 million in product and technology research and development in 2022, the game experience is worth looking forward to.

In the words of YugaLabs, this kind of game is unprecedented. If successful, it can realize the linkage between the real world and the virtual world, the linkage of all PFP projects in Web3, and the linkage between the Web2 brand and the Web3 world. This brand-new experience and the strong consensus from the two worlds will form a unity: The Metaverse space recognized by everyone. In this way, DCL and Sandbox will become the past tense.

Threats to OpenSea

Even, YugaLabs also plans to build a trading platform within the system. I personally think this would be a real threat to Opensea. There will be a lot of UGC content in the Ape universe, and the preferred trading platform for this content will no longer be Opensea. According to historical experience, the rise of exchanges is often accompanied by a large number of wealth effects, and YugaLabs itself is synonymous with wealth, and they have such potential.

In this case, Ape will also be a common token for many games. Now you can think about how big a story YugaLabs told: kill DCL and Sandbox, unify all PFP Metaverses, open up the connection between virtual and reality, and threaten Opensea. YugaLabs made $130 million last year and plans to make $460 million this year. This round of valuation of 5 billion US dollars is not expensive at all, and the most important thing in hand is money and resources.

Finally, let’s think about a few questions: Would you rather spend money on an NFT made with $37 million, or an NFT made with $100,000? Conversely, you can also ask: What are the opportunities for small and medium-sized creators in the NFT market next (is it going to Ape Universe UGC to be officially supported)? Where will the NFT market go next?

How did the Roman Empire of Web3 arise?

Let’s review the rise and expansion of YugaLabs and see how a Web3 Romanesque emerged.

First of all, YugaLabs saw the market gap that Web3 upstarts had a lot of money and could not be satisfied by Web2 cultural commodities, and initially established a community by selling 10k NFTs; after the community was established, YugaLabs organized the community to launch an offensive on Twitter, tweeting through avatars and offline activities Expand the consensus; later, combined with Web2 celebrities and well-known brands, it has become the face of Web2 world cognition Web3, and the expensive super blue chip in Web3.

So far, YugaLabs has not stopped its expansion and began to issue NFTs to expand the community, without leaving too many opportunities for projects such as Kumao. After the BAYC, MAYC, and BAKC circles were built, YugaLabs merged with OG projects such as CryptoPunks and Meebits, and brought together several of the world’s top Web3 IPs. At this time, there is no opponent in the PFP field that can stand on the same level as YugaLabs. Even so, YugaLabs did not stop expanding – after concentrating the consensus of the top leaders in the PFP field, it finally moved to the land.

The first step in this process is to have a community (although the quality is not high), the second step is to wash the community (to wash away the lack of awareness, and replace it with celebrities and people with high awareness in web3), and the third step is to protect the existing community. To expand the community on the premise of interests, the fourth step is to merge other OG projects to form the periphery of the project. In this way, the overall layout of the core, sub-core, re-core, and periphery is formed.

This structure is also similar to Rome in some ways: Roman Emperors (YugaLabs), Nobles or Senates (BAYC), Tribunals and others (MAYC), Citizens (BAKC), Provinces (CryptoPunks, Meebits, etc.). This is an empire of Web3 IP, and the members of the empire are communities of interest. It’s a very complex relationship, but YugaLabs does a great job of bringing them together to achieve a bigger goal, and there’s really a lot to learn.

Conclusion: keep attacking!

Finally, I would like to summarize some insights from YugaLabs:

First of all, Web3 needs to have its own culture, and it will definitely produce its own cultural representatives, which the big manufacturers of Web2 cannot produce anyway (see Deck of YugaLabs: We have a culture that makes them jealous).

Second, such cultural symbols must be valuable once established. Web3 has money and wants to buy cultural goods that conform to their identity and position; Web2 cannot produce such cultural goods, but in order not to lag behind the times, they are very willing to combine with this cultural symbol (refer to Adidas, Nike, etc.).

Third, YugaLab cleverly took advantage of the need for Web3 culture on both sides of the Web3 world and the Web2 world, leveraging the leverage on both sides, so it expanded wildly and accelerated its success.

Fourth, due to its strong financial attributes, the Web3 civilization is born with a tendency to seek expansion. It is inevitable that NFT projects seeking stability will be swallowed up by strong projects or go silent (for example, YugaLabs eats CryptoPunk).

Fifth, the community is made up of people, and they want to follow leaders who can lead them to make money and win, which is what all those who want to mobilize the community must recognize.

Based on the above, our final conclusion is only one, and that is to be as fearless as the Romans, keep attacking!

THE END 

Posted by:CoinYuppie,Reprinted with attribution to:https://coinyuppie.com/yugalabs-rome-for-web3/
Coinyuppie is an open information publishing platform, all information provided is not related to the views and positions of coinyuppie, and does not constitute any investment and financial advice. Users are expected to carefully screen and prevent risks.

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