Yuga Labs, the company behind “Bored Apes”, presents the future of its NFT collections

Company leader Nicole Muniz spoke about the future of her NFT collections at the Web Summit in Lisbon.

Yuga Labs, one of the most secretive companies in the crypto universe, had the opportunity on Thursday to present the future of its NFT collections, including the famous “Bored Apes”, on the stage of the Web Summit in Lisbon, without causing any real surprises.

Company leader Nicole Muniz from the marketing world was eagerly awaited at this major technology conference in Europe to explain what her company could bring to the world.

He began by showing an animated short film about the “Bored Ape Yacht Club” (or BAYC), a collection of 10,000 images of “bored monkeys”, each with a different expression and accessories.

Collectors of digital assets, including celebrities like Justin Bieber, Madonna and Gwyneth Paltrow, have spent millions of dollars to afford these images, which come in the form of digital tokens called NFTs.

Operations that have collapsed

Despite declining public interest in NFTs, whose trading volumes plummeted 97% between January and September, according to Dune Analytics, the unicorn Yuga Labs maintains a valuation above $ 4 billion and that of its monkeys recently changed hands for nearly $ 450,000.

“We need to think about how we can help bring 100 million more people to the web3,” a term meant to mean the revolution in Internet use thanks to cryptocurrencies, Nicole Muniz said.

One of Yuga Labs’ two co-founders, Greg Solano, was also expected to make an appearance at the conference but canceled at the last minute.

“Hi Lisbon Monkeys, I’m not feeling well at all and I have to give up my panel at the Web Summit today,” she tweeted under her alias of Garga.eth.

“Potentially misleading”

“I am happy to have been able to meet so many of you last night,” he added, referring to the very real meetings organized by the fans in different cities, including Lisbon, on Wednesday night.

It is this feeling of being part of a “community” in real life that would make the club successful, according to Nicole Muniz.

“I talked to a monkey last night and they were discussing their participation in ApeFest,” a festival held in June in New York, he said on stage. The promises of Nicole Muniz’s project, however, resemble those of almost all other NFT projects.

Beyond the feeling of community, the leader mentioned a future massively multiplayer video game that uses the blockchain and envisioned a digital universe in which NFTs would somehow become a key to a magical world.

“You can take them wherever you want, you can exploit them and monetize them,” he joked, saying that BAYC was unique in offering NFT owners full intellectual property on their “monkey”.

A recent report from the specialist site Galaxy.com, however, described the BAYC licensing agreement as “unclear and potentially misleading” and found that it did not confer any real legal rights. In the end, he declared that he wanted to facilitate understanding of the web 3 and access to this universe. But even the title of the conference (“NFTs, metaverses and the path to a Disney web 3”) remained ambiguous …

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