Nicole Muniz explained the key distinctions between NFTs and JPEG photos and proclaimed Yuga’s intention to recruit top Web3 talent.
Nicole Muniz, CEO of Yuga Labs, spoke on the main stage of WebSummit in Lisbon on Thursday, discussing the necessity of digital asset protection and safety, the potential of IP rights, and the beginnings of the Bored Ape Yacht Club (BAYC).
When asked to explain the difference between an NFT and a standard JPEG picture that is constantly shared on the internet, Muniz said that the NFT transmits “the rights and the fact that you have genuine ownership of that asset.”
She cited Yuga Labs’ collections BAYC, CryptoPunks, and Meebits as exemplary instances of artists offering holders complete commercial intellectual property rights.
“That exclusivity is really coming into the industry, and it allows customers to truly transform into owners,” Muniz said. “And that represents an overarching paradigm change.”
Muniz emphasized that a lot of enterprises inside the Bored Ape ecosystem were established on and prospered because of those inherent principles of economic autonomy.
“Jenkins the Valet, one of the collection’s Bored Apes, has founded a media organization based on innovation, storytelling, and extending the Bored Ape world.” Also, Bored and Hungry is a fantastic fast-food restaurant in Los Angeles that I believe is moving into other areas.”
The Reverse
Muniz stressed a democratic concept of inclusion while speaking about Yuga’s ambitions for their interoperable metaverse platform The Otherside, adding that “it is our opinion that in Web3 you should be able to have genuine control not just over your possessions, but also over your identity.”
As a result, she disclosed that Yuga is working on a “Otherside development kit” that would allow builders to create features and capabilities for the Otherside and then move those functions into different metaverses inside the space.
Yuga Recruitment
Yuga Labs’ market capitalization surpassed $4 billion thanks to a historic $450 million seed investment led by Andreessen Horowitz. Since then, the team has been focussed on establishing an organization to capitalize on the company’s hard-won advantages in the NFT area.
“If you want to design some of the weirdest things on the internet, wrapped up in creativity, narrative, board mythology, and fun, then come and work at Yuga,” Muniz added.
“We were all very serious [in Web2],” she remarked. “So we want to bring the internet back to life.” And it is a huge part of our culture’s soul and DNA.”
