After seemingly pulling off the strangest unicorn success story in tech, the founders of NFT project Bored Ape Yacht Club (BAYC) have an awful lot to prove with their startup Yuga‘s early beta vision of the metaverse, a gaming platform called Otherside.
Few entertainment startups have had this level of community pressure riding on their first game and fewer have had quite as many people rooting for them to fail. The NFT bull run, which made early Bored Apes holders and the project’s founders very rich, also minted plenty of enemies who decried NFTs as ponzi schemes parting vulnerable suckers with their cash. As crypto prices have crashed in recent months, many recent retail investors in the sector have indeed lost big.
Yuga’s challenge of maintaining a community of NFT holders throughout the development of the Otherside title during what many fear could be a historic crypto winter nested inside a recession is a certain level of daunting. The startup must also reckon with enduring skepticism of gamers surrounding NFTs while transitioning from the exclusivity of its pricey six-figure NFT clubs to the mass appeal of an MMO.