Yuga Labs acquires 10KFT and WENEW Labs
WENEW and Yuga share a passion for imagination and storytelling; acquisition will accelerate joint efforts to bring more creativity into web3
Co-founder and CEO of WENEW, Michael Figge, to join Yuga as Chief Content Officer; Beeple, aka Mike Winkelmann, to join Yuga as an advisor
Yuga Labs, web3 leader and home of the Bored Ape Yacht Club (BAYC), today confirmed the acquisition of WENEW and its flagship NFT collection, 10KTF.
“Storytelling and world-building are foundational at Yuga and I’m thrilled that we get to work with the creative mind hive at WENEW in a much more robust way. The possibilities of what we can do together are endless.”
WENEW is a NFT powerhouse known for web3-centric partnerships with celebrated brands such as Louis Vuitton, Playboy, Wimbledon, Gucci, Puma, and others; in addition to these high-profile collaborations, WENEW is home to the narrative-driven NFT collection, 10KTF.
10KTF is an interoperable digital storefront where holders from top NFT collections (BAYC, Cool Cats, Moonbirds, and others) can mint and collect one-of-a-kind NFTs featuring their digital avatar on various metaverse-ready digital wearables. The collection has attracted legions of devoted community members, gaining popularity by releasing serialized and narrative-driven content from fictional shop purveyor, Wagmi-san.
“Figge, Beeple, and the WENEW team have found a way to create a captivating serialized story for web3, while also managing to tap into the passion people have for their digital avatars and customization,” said Greg Solano, co-founder of Yuga Labs. “Storytelling and world-building are foundational at Yuga and I’m thrilled that we get to work with the creative mind hive at WENEW in a much more robust way. The possibilities of what we can do together are endless.”
“We built this company with storytelling at the forefront,” said Michael Figge, co-founder and CEO of WENEW. “Yuga’s first-class contributions to story, experiences, and community were a huge inspiration. Their principles of openness inspired the interoperability of 10KTF. We’re excited to join Yuga and continue building amazing things in NFTs and web3 together.”
Following the acquisition, Figge will join Yuga’s leadership team as the Chief Content Officer, responsible for pushing the boundaries of imagination and creativity at Yuga through out-of-the-box content strategies and experiences. Beeple, aka Mike Winkelmann, will join Yuga Labs as an advisor.
Figge brings a unique creative lens to Yuga from his experience with Possible, where he served as co-founder and Creative Director, having architected immersive visual experiences for the Super Bowl halftime show, Coachella, Louis Vuitton, dozens of international concert tours, and League of Legends Worlds for which he was awarded an Emmy in 2021.
In addition to Figge, nearly 20 WENEW employees will move over to Yuga, bringing Yuga’s full-time staff to over 100 people around the world.
About Yuga Labs
Yuga Labs is a web3 company shaping the future through storytelling, experiences, and community. Guided by the belief that the potential of web3 can be realized when we start with imagination, not limitations, Yuga’s initiatives aim to reinvent what real-world utility for NFTs look like and push the space forward as a whole. Since their launch in April 2021 with flagship collection Bored Ape Yacht Club, they’ve made headlines as one of the first companies to release IP licenses to their NFT holders, acquired and released rights to other top collections (CryptoPunks and Meebits), and made web3 history with record-breaking synchronized player participation in their newest initiative, Otherside. One of the most ambitious interactive metaverse projects to date, Otherside is built with the community, rebelling against traditional walled gardens in gaming spaces. In March 2022, Yuga Labs raised a $450M seed round at a $4B valuation.
