Yuga Labs is acquiring WENEW and its flagship NFT collection 10KTF

A recent press release by Yuga Labs, the company behind popular NFT collections such as BAYC, states that it is acquiring WENEW and its flagship NFT collection – 10KTF. Following the acquisition, the WENEW founder Beeple, along with WENEW CEO – Michael Figgie, will be joining the Yuga Labs team, as advisor and Chief Content Officer, respectively.

Today, we are excited to welcome the @wenewlabs and @10ktfshop team to the Yugaverse. Together we will push the boundaries of where the metaverse meets reality through creative storytelling and immersive experiences. Read more about the news here: https://t.co/6NPJgmzxck
— Yuga Labs (@yugalabs) November 14, 2022

WENEW was created in June 2021, by NFT artist Beeple (Michael Winkelman), one of the most notable faces in the NFT scene, and was meant to be a platform “celebrating historic moments as collectible NFTs”. The project has established partnerships with prominent brands such as Louis Vuitton, Gucci, Puma, Wimbledon, and others. Along with that, WENEW also has its own storefront, through which NFT collectors can mint and collect unique NFTs in the form of “metaverse-ready digital wearables”.

10KTF, is envisioned as a browser-based NFT game, where players can outfit their avatars with crafted items and different load-outs, while completing various quests, which reward them with APE coins, materials, and free token airdrops. Nevertheless, consumers have been wondering which Metaverse will feature the many wearables part of the collection. Following the acquisition news, 10KTF released a Twitter thread featuring one of its main characters – Wagmi-san drinking a potion, citing a Tweet from Otherside stating “Welcome to the Otherside, Wagmi-san”.

1/5 pic.twitter.com/Xk4zK1WX4A
— Wagmi-san (@10KTFshop) November 14, 2022

The news comes at a time when BAYC’s floor price plummeted from around 65 ETH to as low as 48.5 ETH on November 16, in just a few days, due to fears of FTX exposure. It remains to be seen how the acquisition will affect other Yuga Labs' projects. Previously this year, Yuga Labs had acquired Cryptopunks and Meebits from Larva Labs.