Yuga Labs earns millions from new NFT collection
Yuga Labs, an NFT conglomerate, has made headlines with the recent success of its latest NFT collection. The company is well known in the NFT world, having launched some of the most popular and valuable collections to date. Their most recent success comes from a new NFT collection minted as part of the "Dookey Dash" web game.
The game's players could mint a "Sewer Pass" NFT, which was originally needed to play Dookey Dash, and were invited to "The Summoning" to burn their passes in order to mint an NFT from the new collection titled HV-MTL, or Heavy Metal. The new collection features 30,000 NFTs that resemble robotic-like cubes which will later reveal a “Mech” according to the collection’s OpenSea description.
The collection has rocketed on the secondary market since it dropped, with the current floor price sitting at 2.3 ETH, around $4,000, and total trading volume has hit over 6,050 ETH, equivalent to around $10.3 million. With Yuga's creator earnings set to 5%, the project has already earned the firm over $500,000.
The success of Yuga Labs is not new to the NFT world. The company has already created a number of successful NFT collections, including "Bored Ape Yacht Club" and "Mutant Ape Yacht Club." These collections have been highly sought after by NFT collectors and have been known to sell for millions of dollars.
Yuga Labs has been successful for a few reasons. Firstly, the company has managed to build a loyal following of collectors who are willing to pay high prices for their NFTs. This has been achieved through the creation of high-quality and unique NFT collections that are highly sought after. Secondly, the company has managed to create a sense of community around its NFT collections, with members often collaborating and working together to create new and exciting projects.
However, Yuga Labs' success has not come without controversy. The company has been accused of using insider information to benefit its own projects and has been accused of engaging in price manipulation. The controversy has led to some investors questioning the ethics of the company and has led to a decrease in the value of some of its NFT collections.
Despite the controversy, Yuga Labs continues to be a major player in the NFT world. The success of its latest collection, HV-MTL, is a testament to the company's ability to create highly sought after NFTs. It remains to be seen what the future holds for Yuga Labs and the NFT market, but one thing is for sure, the company is here to stay.