The Top Secret Behind Yuga Labs Success Revealed - Here’s What Fueling Its Growth

The Top Secret Behind Yuga Labs Success Revealed – Here’s What Fueling Its Growth

Updated: 04 April 2023

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Yuga Labs, the digital asset incubation studio and the parent company behind Bored Ape Yacht Club, has recently emerged as one of the most successful non-fungible token projects. Yuga Labs has achieved the unachievable, becoming one of the most influential companies in the Web 3.0 space. But, what is the secret behind its success?

What Is Fueling Yuga Labs Success?

In a March 31 blog post, Liam Herbst, a renowned on-chain Web3 analyst, has unmasked the top secret behind the success of Yuga Labs. The digital assets studio is home to famous NFTs, such as Bored Ape Yacht Club, Mutant Ape Yacht Club, Bored Ape Kennel Club, Meebits, Mecha, CryptoPunks, Sewer Pass, Otherdeed for Otherside and Twelvefold NFTs.

Yuga unlocked this secret weapon by acquiring WENEW.

Hint: Disney did the same by acquiring Pixar.

(1/13) pic.twitter.com/cIaz0P1D2n

— Liam Herbst (@liamherbst_) March 31, 2023

Yuga Labs came into the spotlight in 2021 after launching its flagship NFT collection, the Bored Ape Yacht Club. Since then, Yuga Labs have continued delivering more new non-fungible token projects and innovative new products.

Last year, the digital asset firm, Yuga Labs, launched a series of NFT projects, including its most successful metaverse project, Otherside, a virtual world developed as an online multiplayer game associated profoundly with the Bored Ape Yacht Club ecosystem.

Throughout the last year, Yuga Labs, the $4 billion startup, was enjoying some revenue until November, when the crypto exchange FTX collapsed, leaving most NFT projects shedding more than 80% of their value. At the time, its utility token “$APE” and “Otherdeed NFTs” were down 85%.

The crypto bear market made it harder for crypto projects to regain traction as many holders lost faith and interest in NFTs, pushing NFT projects such as Yuga Labs to explore ways of reviving the fallen industry. In November 2022, Yuga Labs acquired Wenew, the world-class storyteller, to attract the audience through storytelling, a trick that has since worked perfectly.

Today, we are excited to welcome the @wenewlabs and @10ktfshop team to the Yugaverse. Together we will push the boundaries of where the metaverse meets reality through creative storytelling and immersive experiences. Read more about the news here: https://t.co/6NPJgmzxck

— Yuga Labs (@yugalabs) November 14, 2022

Yuga Labs Adopts Storytelling To Boost NFTs

According to Herbst, storytelling is one of the best ways to attract or capture attention. Stories make people feel good and like they are part of something bigger. Ultimately, NFTs are about stories, and their value depends on how people tell about them.

In recent weeks, Yuga Labs appeared following the footprints of Disney, which acquired Pixar to expand its metaverse ventures through storytelling. In the same way, the Bored Ape creator is using Wenew storytelling capabilities to fuel its growth.

Moreover, Wenew storytelling capabilities will help Yuga to expand stories outside NFT with activation, such as Physical x digital items, Ape Fest led by Figge’s world-class concert experience, and major brand integrations from WENEW’s client book like Gucci, LV, and TIME.

NEWS: Gucci is partnering with Yuga Labs for the Bored Ape Yacht Club metaverse.

1/3 🧵 pic.twitter.com/1pUJfm8aQS

— nft now (@nftnow) March 27, 2023

Using the same storytelling strategy, Yuga Labs launched a new metaverse game dubbed Dookey Dash earlier this year, which took the crypto community by storm. Earlier this week, Yuga also announced their next big story, “Legends of The Mara,” a 2D strategy game where Otherdeed holders can claim a Vessel that hatches into a Mara.

Yuga Labs, through Wenew, will continue dropping more new metaverse storylines experiences until the Otherside launches. Yuga Labs has more upcoming storyline-smashing hits, including its highly anticipated “The Trial of Jimmy the Monkey.” NFTs are all about stories.