KEY POINTS
Yuga Labs, the company behind the well-known Bored Ape Yacht Club (BAYC) non-fungible token (NFT) collection, has disclosed a collaboration with Somnia — an L1 blockchain and suite of omnichain protocols facilitating interconnections between metaverses.
The partnership aims to expand opportunities within Yuga Labs’ Otherside metaverse while bolstering interoperability.
As a result of the collaboration, holders of BAYC, Kodas, Otherdeed Expanded, and Mutant Ape Yacht Club (MAYC) collections will be able to access events within the metaverse using their avatars, showcase their NFT collections, and accrue extra points in Somnia’s quests.
Moreover, Yuga Labs collection holders will receive additional bonus points in quests facilitated on Somnia’s newly launched Metaverse Browser.
Yuga Labs NFT holders will be able to leverage their avatars across any platform built on Somnia — ensuring seamless identity and digital asset interoperability across various experiences.
Somnia, introduced by Improbable’s Virtual Society Foundation last month, seeks to address metaverse fragmentation, enhancing the user experience.
This partnership follows Yuga Labs’ recent introduction of “Moonbirds Universe,” a digital realm featuring 3D avatars for NFT holders of Moonbirds — a popular NFT project acquired by the company in February.
The move aligns with Yuga Labs’ strategic shift announced at the end of April, focusing more on its Otherside metaverse, streamlining operations with a smaller team and prioritizing fewer but impactful initiatives, leading to employee layoffs.
These decisions come amidst downturns in the NFT market observed over the past year, which have also affected BAYC, with its floor price hitting its lowest point since August 2021 last month.
