According to Greg Solano, co-founder of Yuga Labs, the Web3 platform has laid off additional workers partly because it had “lost its way.” Solano also encouraged employees uninterested in the next phase to consider accepting the same severance package offered to those affected by the layoffs. Convoluted Corporate Processes Yuga Labs, the Web3 platform behind […]
Bitcoin News
Yuga Labs’ Acquisition of Proof Fuels Moonbirds NFT Sales Uptick
Friday saw Yuga Labs, known for creating the Bored Ape Yacht Club (BAYC) non-fungible token (NFT) series, unveiled its acquisition of Proof, a notable NFT startup behind the Moonbirds collection. Kevin Rose, founder of Proof, will assume an advisory role within Yuga, and the startup’s team plans to integrate into the Yuga framework. Moonbirds NFT […]
Bitcoin News
OpenSea Makes Shift To Optional Royalty Model – A Deal-Breaker For Yuga Labs?
Yuga Labs – creators of the popular Bored Ape Yacht Club (BAYC) NFT collection – has unveiled its plans to cut ties with NFT marketplace OpenSea. This comes as a response to the platform’s proposed shift to an optional royalty system.
On Thursday, August 17, OpenSea announced that it is changing its creator fees framework, making royalties optional for new collections after August 31, 2023. The NFT marketplace also disclosed that it would disable the Operator Filter, a feature that enforces creator royalties.
According to the announcement, NFT collections that utilized the Operator Filter up until August 31 will have their creator royalties enforced till February 29, 2024, when the fees will become optional.
In the blog post, OpenSea explained the rationale behind its decision, saying the Operator Filter was designed to empower creators with greater control. However, the marketplace claims that it has not received the much-needed acceptance in the web3 ecosystem.
Yuga Labs Responds To OpenSea’s Decision
On Friday, August 18, Yuga Labs published an open letter on X (formerly Twitter), subtly criticizing OpenSea’s decision to make creator fees optional on all secondary sales for all collections by February 2024. The BAYC creator also disclosed its plans to wind down support for OpenSea’s SeaPort, a marketplace protocol that enables the buying and selling of NFTs.
Daniel Alegre, CEO of Yuga Lab, said in the response:
Yuga Labs will begin the process of sunsetting support for OpenSea’s SeaPort for all upgradable contracts and any new collections, with the aim of this being complete in February 2024 in tandem with OpenSea’s approach.
Alegre noted that while the purpose of NFTs has been to revolutionize true ownership of digital assets, it has also been about empowering artists and creators. “Yuga believes in protecting creator royalties so creators are properly compensated for their work,” he added.
Yuga Labs’ stance will likely be a significant blow to OpenSea, but perhaps not one the marketplace wouldn’t have foreseen. In January, the BAYC creators blacklisted about four marketplaces – with an optional royalty model – from its Sewer Pass collection.
OpenSea Halts Support For The BNB Smart Chain
OpenSea also recently announced its decision to disable the minting and listing of NFTs on the BNB smart chain. According to the post on X, this move was informed by the marketplace’s “need to align resources with the most promising efforts”.
The NFT platform wrote in the announcement:
Starting today (August 18, 2023), you will no longer be able to create new listings for or make new offers on BSC NFTs. However, you will still be able to view, discover, and transfer BSC NFTs on our site.
This latest development brings OpenSea’s total supported chains down to 10, including Arbitrum, Avalanche, Ethereum, Optimism, Polygon, Solana, and the recently-added Base and Zora.
‘Community-Based IP’ — Yuga Labs CEO Describes Web3 Evolution of Licensing to Japanese Government Official
In a recent “fireside chat” with the deputy director of the Web3.0 Policy Office of Japan’s Ministry of Economy, Trade, and Industry, Yuga Labs CEO Daniel Alegre noted: “We’re not even in the first inning” of where Web3 “evolution” is going to go. During the interview with the politician, Alegre described new models of IP (intellectual property) that transcend national borders and break down barriers traditional IP models impose.
Bored Apes: A New Paradigm for IP
CEO of Yuga Labs Daniel Alegre recently sat down with deputy director of the Web3.0 Policy Office at Japan’s Ministry of Economy, Trade, and Industry to discuss the future of Web3 and product licensing, describing a new model of “community-based IP.”
Speaking to Waka Itagaki about the power of the Bored Ape Yacht Club global community at the Webx conference on Tuesday, Alegre described: “Whether it’s a Bored Ape brewing company, that the team introduced me to yesterday, or whether it’s new artists that want to create [gaming content] on their other side platform … it’s really creating and connecting culture on the blockchain, but at a global level.”
The executive, formerly COO of Activision Blizzard, went on to note that “Web3 brings creators and consumers and communities together, and they build these brands together,” emphasizing, “It’s a fundamental rethink of IP and IP rights.” Alegre detailed:
In a normal media environment, if you own IP, you license it very exclusively and for a very finite use case … when you buy a Bored Ape NFT, we are giving you an unlimited license to do with that IP what you want … If you want to start a restaurant chain, if you want to have a brewing company, if you want to create t-shirts that you want to sell, it enables that.
Alegre didn’t directly address one portion of Itagaki’s prompt when she asked “How are you planning to align with the government’s regulation?” He did, however, suggest a way for regulators to view Web3, noting: “And this is where I love your point of view from a government perspective — how do you think about enablement so that more people can actually leverage what Web3 can bring to bear.”
Animoca Rep and Other Speakers Share Similar Views on New, Decentralized Models of Business and Finance
Similar to Alegre’s enthusiasm for fresh ways of viewing intellectual property, later the same day, Evan Auyang of Animoca Brands also described a new way to look at competition in the marketplace, noting:
The whole point about this ecosystem … is that we’re trying to see if we can grow the pie bigger rather than dominating it ourselves, which is more Web2 thinking. If the pie grows bigger, then we will benefit … on the assets that we have at the same time.
In another talk at Webx, Ken Deeter, partner at crypto-focused VC fund Electric Capital in the United States, explained he was interested in defi as an extension of the Bitcoin ethos, which arose from a mistrust of central banks and traditional monetary policy. Like with the evolution in perspective on IP described by Alegre, Deeter and others at Webx expressed interest in setting up new models.
What do you think? Is Web3 leading a positive evolution away from outdated, coercive models of business, law, and finance, or is more regulation needed? Let us know in the comments section below.
WebX Conference Welcomes Distinguished Guests: Japan PM, Yuga Labs CEO, Kabosu (Doge), Desdemona (AI Robot)
PRESS RELEASE. WebX, Asia’s leading Web3 conference (July 25-26), is thrilled to announce the participation of more esteemed guests at this year’s event: Japan prime minister Fumio Kishida, Yuga Labs CEO Daniel Alegre, the Dogecoin dog Kabosu, and the groundbreaking AI robot Desdemona (Made by Hanson Robotics, sister to Sophia the Robot).
WebX is a conference dedicated to bridging divides – Web2 and Web3, Japanese and English, Japan and the rest of the world. Japan has the potential to become Asia’s Web3 hub, and this inaugural WebX conference is both a recognition of and a launchpad for that potential.
Prime Minister Kishida speaking at WebX underscores the Japanese government’s recognition of the significance of Web3 technology in shaping Japan’s digital future. Their involvement signifies a strong commitment to driving technological advancements and fostering a favorable ecosystem for Web3 businesses.
Yuga Labs, known for their contributions to the NFT space and digital art, will provide valuable insights into the intersection of blockchain, creativity, and decentralized finance. Their presence at WebX reflects the growing prominence of NFTs and their transformative potential across industries.
Kabosu, the beloved Shiba Inu famously known as Doge, will bring a touch of charm and humor to the conference. As an iconic figure in the crypto community, Kabosu’s participation highlights the playful and engaging aspects of Web3 technology.
Desdemona, the AI robot, represents the cutting-edge advancements in artificial intelligence and automation. Her presence at WebX showcases the symbiotic relationship between AI and Web3, and the potential for AI-driven solutions to reshape industries and enhance user experiences.
WebX is honored to have these esteemed guests join us and contribute their unique perspectives to our extensive lineup of speakers. For the latest list, please visit: https://webx-asia.com/all-speakers/
Why attend WebX:
It’s being produced by Japan’s largest crypto media outlet.
CoinPost’s credibility and deep insights into the industry will give participants access to the latest trends and information, not to mention industry leaders and prestigious speakers.
It’s an international conference held in Japan.
The fusion of Japanese culture and technology will offer all participants a unique experience, as this is an opportunity for Japan to showcase to the world its role in the evolution of Web3.
Major Japanese gaming companies are participating.
Square Enix, known for Final Fantasy and Dragon Quest, Sega, known for Sonic and the Yakuza series, and other household names will discuss integrating gaming and Web3.
Details
Date: July 25 (Tuesday) – July 26 (Wednesday), 2023
Venue: Tokyo International Forum
Expected number of exhibiting companies: 150+
Expected number of media partners: 100+
Early Bird Registration Ending in 2 Days!
Don’t miss out on this opportunity to secure your spot at a discounted rate. Register now on our official website (https://webx-asia.com) to take advantage of the early-bird offer.
For inquiries regarding this press release, please contact: info@webx-asia.com
This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.
Yuga Labs’ Twelvefold Collection of Ordinal Inscriptions Generates 735 Bitcoin, Worth More Than $16 Million
Yuga Labs, the creators of the blue-chip non-fungible token (NFT) collection Bored Ape Yacht Club (BAYC), announced that the team has completed its Ordinal Inscription auction with a total of 3,246 bidders. The Twelvefold collection of inscriptions generated 735.7 bitcoin, worth more than million. The highest bid was 7.1159 bitcoin, equivalent to 0,000.
Individuals Complain About Yuga Labs’ Auction Model Despite Record Sales of Ordinal Inscriptions
Yuga Labs has concluded its Twelvefold auction after it went live at 3 p.m. PST on March 5 and ended at 3 p.m. PST on March 6. Schmigge Figge, the chief content officer at Yuga Labs, recently explained that Twelvefold is a base 12 art system localized around a 12×12 grid, and the collection is composed of 300 inscriptions. “Each series maintains a theme spread across 12 unique pieces,” the Yuga executive detailed. “Every Twelvefold piece will be inscribed onto a satoshi with a satpoint ending in the number 12, and the ‘postage’ associated with each inscription will be 12121.”
According to a representative speaking on behalf of Yuga, the collection may hold the spot as the top Ordinal Inscription collection sale to date, as detailed in a note sent to Bitcoin.com News. The Twelvefold auction saw 3,246 total bidders, with the top bid at 7.1159 BTC, or 0,000, according to Yuga. The minimum bid to rank in the top 288 was 2.2501 BTC, and the auction generated 735.7 BTC from the top 288 spots, which equated to roughly .5 million. Yuga tweeted on March 7 that all bids that did not rank in the top 288 saw funds returned to their receiving address.
“Bidders who won an inscription and increased their bids after the final block of the auction should empty the receiving address before inscriptions are sent,” Yuga said.
Although the sale was successful, a few people complained about the way Yuga ran the auction. “Yuga is establishing REALLY bad precedence running an auction like this. They are taking custody of bidders’ bitcoin with a promise to send back unsuccessful bids,” an Ordinals inscription supporter named Ordinally wrote. “Not doubting they’ll do that, but this model is a scammer’s dream, and credible players need to set better example.”
At the time of writing, 341,711 inscriptions exist on the Bitcoin blockchain, indicating continued demand for Ordinals. Additionally, over the last seven days, Ordinal inscriptions have entered the NFT sales space and competed with NFTs minted on Ethereum and Solana. This week, Emblem Vault version 4 (v4) is the eighth-largest NFT collection in terms of seven-day sales. Emblem Vault v4 contains a swath of Ordinal inscriptions, such as Ord Rocks and Bitcoin Punks, and has generated ,658,977 in sales. Emblem Vault v4 sales are up 59.87% from the previous week.
What are your thoughts on the success of Yuga Labs’ Twelvefold auction and the continued demand for Ordinal inscriptions in the NFT space? Do you think Yuga Labs’ auction model sets a bad precedent or is it a legitimate way to run an auction? Share your thoughts in the comments section below.
Bitcoin-Based NFTs Cross 200,000 Ordinal Inscriptions, Yuga Labs Launches Twelvefold Collection
On Monday, Feb. 27, 2023, the number of Ordinal inscriptions on the Bitcoin blockchain crossed 200,000 at 1:02 p.m. Eastern Time. In addition to the 200,000 inscriptions, Yuga Labs, creators of the Bored Ape Yacht Club (BAYC) non-fungible tokens (NFTs), revealed that the team had created a collection of 300 generative ordinal NFTs called Twelvefold.
Bitcoin Clocks Over 200,000 Ordinal Inscriptions to Date; Yuga Labs Enters Bitcoin-Based Digital Collectibles Market
Ordinal inscriptions continue to be minted on the Bitcoin blockchain and on Monday afternoon at 1:02 p.m. (ET), the number of Ordinals surpassed the 200,000 mark. It took approximately 72 days to reach the 200,000 range, as the first Ordinal inscription was minted on Dec. 16, 2022, at block height #767,753. The second Ordinal inscription, #2, was embedded into the chain three days later on Dec. 19 at block height #768,094. It took 45 days to reach the 1,000th inscription, which was minted on Feb. 2, 2023. Since then, the rate of Ordinal inscription growth has increased by 19,900% up until Feb. 27.
At the time of writing, there are approximately 212,793 Ordinal inscriptions on the chain. Essentially, an Ordinal inscription is a non-fungible asset (NFT) produced by inscribing data on the smallest denomination of bitcoin (satoshis). So far, people have inscribed images, videos, text, and software applications to the blockchain. Images are by far the most common, but text inscriptions are also well-liked, and applications are becoming popular as well. Similar to the well-established blue-chip NFT collections on the Ethereum blockchain, Bitcoin-based NFT collections are attempting to become fashionable.
In fact, there is a significant number of collections within the first 6,900 Ordinal inscriptions. Now, Yuga Labs, creators of the Bored Ape Yacht Club (BAYC) NFTs, are entering the world of Bitcoin-based digital collectibles with a new compilation of NFTs called Twelvefold. The collection consists of 300 generative creations inscribed by the Yuga Labs team. “The Twelvefold auction will launch later this week. There will be a 24-hour notice with auction details and exact timing,” Yuga Labs explained on Twitter.
In a blog post about the collection, Yuga Labs said, “Twelvefold is a base 12 art system localized around a 12×12 grid, a visual allegory for the cartography of data on the Bitcoin blockchain. The collection includes highly rendered 3D elements, as well as hand-drawn features, which serve as an homage to the Ordinal inscriptions currently done by hand.” In addition to Bitcoin, people have also been minting ordinal inscriptions on the Litecoin (LTC) blockchain. To date, more than 56,000 LTC-based inscriptions have been minted on litoshis.
What are your thoughts on the increasing popularity of Bitcoin-based NFT collections? Let us know what you think about this subject in the comments section below.
Yuga Labs To Mint 300 NFTs On Bitcoin, Will It Be A Gamechanger?
Yuga Labs, the company behind the Bored Ape Yacht Club (BAYC) collection, will mint Ordinals inscriptions, similar to non-fungible tokens (NFTs), on the Bitcoin network.
Yuga Labs To Mint TwelveFold NFTs On Bitcoin
In an announcement on February 27, Yuga Labs said they will mint 300 limited edition generative pieces and inscribe them on Bitcoin’s satoshis. The 300 NFTs from Yuga Labs will be under the TwelveFold collection and are set to be minted and auctioned later this week.
Satoshi is the smallest unit of BTC, and has, in recent days, become a choice storage space for creators looking to take advantage of the relatively cheap block space on Bitcoin.
Yuga Labs’ TwelveFold collection will be deployed via Ordinals, a new portal that has been gaining popularity in recent days. Through Ordinals, users can mint NFTs on Bitcoin, which inherently lacks smart contracting capability.
With Ordinals, associated media, that is, images or video files is inscribed on Satoshi. This is now possible on Bitcoin, thanks to the recent Taproot upgrade, which was activated in Q4 2021.
However, users interested in inscribing artwork on Satoshis must first download the Bitcoin core and sync their node with the Bitcoin blockchain. Minters must also have a solid command of Command Line in Windows or Terminal on iOS.
The 300 generative images under the TwelveFold collection will be minted as a 12×12 grid-size piecework. Each piece combines 3D graphics and hand-drawn elements designed in-house.
Another distinction is that these images will not be related to other Yuga Labs NFTs minted on Ethereum. Therefore, the team has explained that they won’t, even in the future, be related or bear any utility.
Departure From the Tradition Of Minting On Ethereum?
Since the NFTs are said to have no utility, collectors who wish to bid on the TwelveFold collection on Bitcoin are likely doing so for speculative reasons.
Nevertheless, Yuga Labs’ NFT collections, primarily minted on Ethereum, have been positively received. Their collections are known as “blue-chip” NFTs, similar to CryptoPunks, which cost tens of thousands of dollars.
The isolated nature of TwelveFold NFTs is, however, being criticized by some. On Twitter, a user said that though he thinks Bitcoin Ordinals are “cool,” the decision by Yuga Labs seems “off-brand and random.”
Nothing against Bitcoin Ordinals (they are cool), but this strikes me as pretty off-brand and random. Everything thus far in the Yuga ecosystem feels like it has the potential to be interconnected, but I don’t get that sense from this.
Earlier this month, Yuga Labs settled with Thomas Lehman, the developer behind the “RR/BAYC” project’s website and smart contracts. However, the trademark infringement case against Ryder Ripps, who is accused of selling copycat BAYCs, is still ongoing.
ApeCoin Crashes 7% Following SEC Probe Against Yuga Labs
ApeCoin (APE) is trending to the downside as the U.S. Securities and Exchange Commission (SEC) announces an investigation against its parent company, Yuga Labs. The creators of popular non-fungible token (NFT) collections, including Bored Ape Yacht Club (BAYC), the regulator will look into a potential violation of their securities laws.
According to a report from Bloomberg, the Commission will investigate the “affinity” of the digital assets minted and promoted by Yuga Labs and the possibility that these NFTs are “more akin to stocks”. This would place the crypto company in an alleged violation of U.S. federal law.
The report quotes a source familiar with the matter, this individual also claims that the investigation will extend to ApeCoin, the native token that supports ApeCoin DAO governance model offering its users access to a staking mechanism. Via this token, holders can make decisions related to the project.
APE was launched as part of an initiative to provide BAYC investors with more voice and power over the project via the ApeCoin DAO. Via social media, many users are expressing concern about the future of the DAO and its staking mechanism leading to the crash in the price of the token.
In a statement to Bloomberg, a representative for Yuga Labs stated:
It’s well-known that policymakers and regulators have sought to learn more about the novel world of web3. We hope to partner with the rest of the industry and regulators to define and shape the burgeoning ecosystem. As a leader in the space, Yuga is committed to fully cooperating with any inquiries along the way.
APE’s price trends to the downside on the daily chart as SEC announces probe against Yuga Labs. Source: APEUSDT Tradingview
ApeCoin And Yuga Labs Fall Into SEC Scrutiny
A probe can escalate from the Commission against Yuga Labs, such as pursuing a legal case. However, not every probe leads to legal action.
Under the leadership of Gary Gensler, the SEC has been targeting crypto-related activity. On several occasions, the current SEC Chair has compared crypto with the “Wild West” and has classified “most of the crypto” as potential securities. Bitcoin is the only exception that Gensler seems willing to admit publicly.
Over the past months, SEC enforcement actions against crypto projects have increased. The Commission seems to be targeting major and very well know entities, such as Yuga Labs and their projects BAYC and ApeCoin, socialite Kim Kardashian, and others.
Their current biggest case involves payment company Ripple and the alleged offering of an unregulated security, XRP. According to a report from FOX, some SEC staff believe the Commission is pushing this lawsuit for the personal benefit of Gary Gensler and his desire to be nominated for Secretary of Treasury.
The Commission is allegedly understaffed and pushing many to seek employment elsewhere as they disagree with Gensler’s management style and complaint about long working hours. At the time of writing, there is no statement from Yuga Labs regarding the probe.
SCOOP (1/3): @SEC_Enforcement staffers are complaining @GaryGensler violated protocol by hyping @KimKardashian settlement, appearing on @CNBC within minutes of the case being announced, people w direct knowledge tell @FoxBusiness. They are calling it a “publicity stunt”
— Charles Gasparino (@CGasparino) October 5, 2022