Yuga Labs, the company behind the Bored Ape Yacht Club, has acquired WENEW. WENEW is the company responsible for bringing the NFT collection, 10KTF, to life.
The acquisition means 30 WENEW employees will join Yuga Labs. Beeple will also be joining Yuga as an advisor.
What is 10KTF?
10KTF is a storytelling NFT project about Wagmi-San and his 10k True Friends.
The project is essentially a digital shop where holders of various NFT collections (including BAYC, MAYC, CryptoPunks, Moonbirds, WoW, Cool Cats, Pudgy Penguins, and more) can create metaverse-ready digital wearables (including socks, backpacks, trainers, hoodies, helmets, etc.) that feature their NFTs. You can see some examples here.
Equipped with a 10KTF digital wearable, you can now complete missions in battle.town. For completing missions you can earn a variety of rewards including $APE.
How has the market reacted?
The announcement doesn’t come at the best time. BAYC, MAYC, and BAKC floor prices have been declining amidst rumors that some of the treasury funds were held on Blockfolio (FTX) and general uncertainty in the aftermath of the FTX scandal. Although they have since recovered.
Regardless of the macro market conditions, we are seeing an uptick in volume for BAYC, MAYC, and 10KTF NFTs. It’s a good sign. You can’t help but think what kind of reaction this announcement would have during a more bullish market cycle.
The exact details of how 10KTF will be integrated into the Yuga ecosystem are unclear. It seems likely that 10KTF’s “battle.town” will be a part of the Otherside metaverse.
It also reveals that Yuga is doubling down on storytelling and digital wearables as a key element of its metaverse.