Yuga Labs: Pioneers of the PFP “Utility” Era

Redefining the PFP Landscape

Yuga Labs’ Breakthrough

– NFT Collection: Yuga Labs introduced a collection of 10,000 randomly generated NFT collectible characters, each defined by a unique set of traits. These NFTs provide proof of ownership stored securely on the Ethereum Blockchain.
– Origins: Originally available for a mere 0.08 ETH to claim in April 2021, Yuga Labs’ NFTs are now traded on the secondary market.
– Commercial Rights: Owners of Yuga Labs’ PFPs are granted full commercial rights, setting them apart from other collections.

The Emphasis on Utility

– Yuga’s Vision: Yuga Labs placed a significant emphasis on utility, offering token-holders a multitude of benefits.
– Virtual Clubhouse Access: Users gain access to a virtual clubhouse.
– Commercial Rights: Ownership of a Yuga Labs PFP comes with the right to use it for commercial purposes.
– Physical Events: Token-holders are invited to exclusive physical events, including parties.
– Airdrops: Yuga Labs organized airdrops of various tokens.
– The Otherside Game/Metaverse: Owners of Yuga Labs’ PFPs are welcomed into the world of Otherside, a game and metaverse.

Additional Benefits

– Physical Events: Yuga Labs hosted real-world events, such as ApeFEST and NFT NYC, exclusively for token-holders.
– Airdrops: Token-holders enjoyed various airdrops, including participation in the Bored Ape Kennel Club, Mutant Ape Yacht Club, receiving ApeCoin, and acquiring Otherdeed for Otherside.
– A Growing Trend: Several PFP collections are experimenting with the “utility” model, offering diverse benefits to their community members.
– Examples: Collections like Cool Cats NFT, AZUKI, MOONBIRDS, Rektguy, and Doodles are exploring this concept.
– Unique Perks: Utility models introduce exclusive NFT collections, branded physical goods (like Moonbirds), access to market reports (as seen with Degenz), and access to various services (as provided by WGMI.io).