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WENEW, a 10KTF project from Beeple, has been acquired by Yuga Labs, creator of Bored Ape
Written byCharles Beamon
November 15, 2022
- Yuga Labs keeps its expansion and buys WENEW.
- WENEW is an NFT startup co-founded by Beeple, which is known for collabs with HUGE brands and the successful NFT project "10KTF".
- Beeple will serve as an advisor to Yuga Labs.
- 10KTF is a story-driven NFT project built around a fictional "digital artisan" named Wagmi-san, who develops custom clothing that brings owners to popular PFP items.
- Yuga Labs has teased some implementation of Wagmi-san in its upcoming Bored Ape-centric virtual world game Otherside.
Bored Ape Yacht Club creator Yuga Labs isn't finished expanding its influence. Following its purchase of the CryptoPunks and Meebits NFT project IP from Larva Labs in March, the startup today announced the acquisition of WENEW, an NFT startup co-founded by renowned artist Mike “Beeple” Winkelmann.
Since launching in June 2021, WENEW has pursued multiple brand collaborations, including collaborations with Gucci, Louis Vuitton, Playboy and Wimbledon. The startup is also known for 10KTF, an Ethereum NFT project built around a fictional tailor who makes digital clothing for various high-quality profile picture (PFP) projects — including Bored Apes.
Yuga Labs acquired the startup and will name WENEW co-founder and CEO Michael Figge as its new chief content officer. Beeple, known for selling an NFT artwork for $69.3 million at a March 2021 auction, will serve as an advisor to Yuga Labs.
10KTF is a story-driven NFT project built around a fictional "digital artisan" named Wagmi-san, who develops custom clothing that brings owners to popular PFP items—including Bored Apes, but also Cool Cats, Nouns, Moonbirds, etc. - may have applied for their own NFT artwork. Owners can also order physical garments based on their PFP designs.
Apparel brands such as Gucci and Puma have previously collaborated with 10KTF in digital fashion. Yuga Labs has teased some implementation of Wagmi-san in its upcoming Bored Ape-centric virtual world game Otherside. A Yuga Labs representative told that the terms of the deal will not be disclosed.
Welcome to the Otherside, Wagmi-san. pic.twitter.com/cNCNTqOd44— Othersidemeta (@OthersideMeta) November 14, 2022
An NFT is a blockchain token that represents ownership of a unique item and is often used for digital goods such as profile pictures, artwork, and collectibles. Bored Ape Yacht Club is one of the most successful projects in the world, raising nearly $2.5 billion in secondary sales to date, according to CryptoSlam.
Last week, before the acquisition was announced, the three Yuga Labs co-founders, along with 10KTF CTO Randy “Melonpan” Chung, co-signed a blog post criticizing NFT marketplace OpenSea’s stance on creator licensing fees. The day after the post was shared, OpenSea reversed course and said it would continue to pay royalties on secondary sales.
In March, the startup announced it had raised $450 million at a $4 billion valuation following news of Yuga’s acquisition of the CryptoPunks and Meebits intellectual property.
One of Yuga’s backers is FTX Ventures, which caught fire last week when the popular cryptocurrency exchange collapsed amid a liquidity crisis. On Friday, Yuga co-founder Wylie “Gordon Goner” Aronow tweeted that FTX’s collapse “doesn’t affect us” and that his funds held in FTX US had previously been withdrawn.
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