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The top secret behind Yuga Labs’ success is revealed – here’s what’s fueling its growth

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Era Labs, the digital asset incubation studio and parent company behind Bored App Yacht Club, has emerged as one of the most successful non-fungible token projects in recent times. Yug Labs has achieved the unattainable by 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 blog post dated March 31, Liam Herbst, a well-known on-chain Web3 analyst, revealed the top secret behind Yuga Labs’ success. Digital Asset Studio is home to famous NFTs, such as Bored Ape Yacht Club, Mutant Ape Yacht Club, Bored Ape Kennel Club, Mebits, Mecha, Cryptopunks, Sewer Pass, Undead for Otherside and Twelvefold NFTs.

Yug Labs came into limelight in 2021 after launching its flagship NFT collection, Bored App Yacht Club. Since then, Yuga Labs has continued to deliver more innovative non-fungible token projects and innovative new products.

Last year, digital asset firm Yuga Labs launched a series of NFT projects, including its most successful metaverse project, Other, a virtual world developed into an online multiplayer game based on the bored app Yacht Club. Deeply connected with the ecosystem.

During the past year, Yuga Labs, a $4 billion startup, was enjoying some revenue until November, when crypto exchange FTX collapsed, shedding more than 80% of its value from most NFT projects. At the time, its utility tokens “$APE” and “OtherDeed NFTs” were down 85%.

The crypto bear market made it difficult for crypto projects to regain traction as many holders lost faith and interest in NFTs, prompting NFT projects such as Yuga Labs to explore ways to revive the fallen industry. . In November 2022, Yuga Labs acquired Venue, a world-class storyteller to engage audiences through storytelling, a move that has worked perfectly since then.

Yuga Labs Adopts Storytelling to Promote NFTs

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

In recent weeks, Yuga Labs appeared to be following in the footsteps of Disney, which acquired Pixar, to expand its metaverse ventures through storytelling. Similarly, Bored App Maker is using Venue’s storytelling capabilities to fuel its growth.

In addition, Wenew’s storytelling capabilities will help ERA expand stories beyond NFTs with Activision, such as physical x digital items, Ape Fest led by Figge’s world-class concert, and WENEW’s client book Major brand integrations like Gucci, LV, and TIME.

Using the same storytelling strategy, Yuga Labs released a new Metaverse game earlier this year dubbed Ducky Dash, which took the crypto community by storm. Earlier this week, Yuga also announced its next big story, “Legend of the Mara,” a 2D strategy game where other Deed holders can claim a Vessel that hatches in a Mara.

Yuga Labs, through venues, will continue to drop other new Metaverse storyline experiences until The Otherside launches. Yug Labs has more story-telling hits to come, including its highly anticipated “The Trial of Jimmy the Monkey.” NFTs are all about stories.

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