How four crypto degens created a billion-dollar ecosystem of cartoon apes and how they have turned Yuga Labs in a $4b crypto startup (5 minute read)
In 2018, GordonGoner and CryptoGarga enlisted two friends to build a project with the appeal of CryptoPunks but with added value like locked content, experiences, apparel, and more. They imagined a world where everyone who went hard in crypto, or who 'aped' into it, succeeded and became rich beyond their wildest imagination. This Twitter thread tells the story of how Bored Apes was created, its various branch projects, Yuga Labs, the Otherside metaverse, and more.
Last week's events in crypto have led me to self-reflection (5 minute read)
A lack of regulatory clarity and concern about raising money from retail is the primary reason the crypto industry is in its current state. Projects don't know if regulations allow them to sell tokens to retail investors, so they only sell to VCs. Publicly-listed tokens can be purchased by anyone, yet their creators aren't required to disclose any of their financials. More regulation and transparency is needed for projects raising money.