Yuga Labs Acquires 10KTF Following FTX Bankruptcy
WENEW, the parent company to 10KTF, has just been acquired by Yuga Labs, the company responsible for the Bored Ape Yacht Club and other notable NFTs collections on the Ethereum blockchain.
The acquisition of WENEW includes many notable collections including 10KTF which has been one of the most stable NFTs in the web3 ecosystem because of its ability to incorporate other NFT artwork into its designs. This has led to an influx of collaborations for the project.
Even more noteworthy is how the acquisition will direct notable figures such as Michael Figge and Beeple to Yuga. Michael Figge, formerly the CEO of WENEW, will come on as the Chief Content Officer and Beeple, the artist responsible for the NFT boom in 2021, will be an adviser to Yuga Labs.
While we can only speculate, the announcement by Yuga Labs comes shortly after the fall of FTX which was a major sponsor for WENEW. Both Alameda Research and FTX were notable investors, with their names proudly displayed on the WINEW website.
As fallout from the insolvency continues to expand, these types of acquisitions have a chance of becoming more common as different NFT companies look for new ways to replace the lost revenue streams originally supported by FTX and Alameda Research.
