The company that turned cartoon monkey JPEGs into a $4 billion brand — then watched the bubble pop. At peak mania, owning a Bored Ape was a social status symbol worth more than a house. Eminem bought one. Snoop Dogg bought one. The brand was genuinely cultural. Then NFT speculation died, floor prices cratered 90%+, and the Otherside metaverse still isn't finished. Yuga owns the most valuable NFT IP in the world. The question is whether that IP has value without the speculative frenzy that created it.
Founded
2021
HQ
Miami, FL
Total Raised
$450 million
Founder
Greg Solano & Wylie Aronow
Status
Private — valued at $4 billion (2022, likely much lower now)
Website
www.yuga.comTHE ORIGIN STORY
Two pseudonymous founders — "Gordon Goner" (Greg Solano) and "Gargamel" (Wylie Aronow) — launched the Bored Ape Yacht Club (BAYC) in April 2021 as a collection of 10,000 algorithmically generated cartoon ape NFTs. Initial mint price was 0.08 ETH (~$190).
Within months, Bored Apes were selling for $300,000+ each. Celebrities including Justin Bieber, Paris Hilton, and Steph Curry bought them.
BAYC became the most famous NFT brand in the world.
WHAT THEY ACTUALLY DO
NFT sales and royalties. Revenue from primary sales of NFTs (Bored Apes, Mutant Apes, etc.), secondary market royalties (2.5% of every resale), ApeCoin token, and land sales in Otherside metaverse.
Peak revenue was massive during the NFT boom. Revenue has declined significantly as NFT market cooled.
THE PRODUCTS
Bored Ape Yacht Club (BAYC), Mutant Ape Yacht Club (MAYC), Bored Ape Kennel Club, CryptoPunks, Meebits, Otherside (metaverse platform), ApeCoin (APE token).
HOW THEY GREW
Pivoting from NFTs to gaming and interactive experiences. The Otherside is being built as a metaverse gaming platform.
Yuga also acquired CryptoPunks and Meebits — two other major NFT collections — consolidating the most valuable NFT IP. The bet: even if speculative NFT trading dies, the IP and community have lasting value.
THE HARD PART
The NFT market collapse. Floor prices for Bored Apes dropped from $400,000 to under $30,000.
Secondary market volume collapsed 95%+. The Otherside metaverse — their biggest bet — struggled to deliver on its vision.
Multiple lawsuits and regulatory scrutiny around ApeCoin's token launch. The "NFTs are the future" narrative died quickly.
WHO BACKED THEM
Andreessen Horowitz, Animoca Brands, The Sandbox, FTX Ventures, Samsung Next
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