Yuga Labs focuses on boosting NFT gaming and Web3 adoption

Yuga Labs, one of the most influential brands in the Web3 space, has unveiled a global partnership deal with Animoca Brands. The partnership will support the development of a P2E gaming structure for the platform in March. One of this partnership’s key features is to support staking through the Yuga Labs native token, ApeCoin.

Yuga Labs pushes for the adoption of Web3 and NFT gaming

Yuga Labs has been behind some of the most popular projects in Web3, such as the Bored Ape Yacht Club (BAYC) NFTs, CryptoPunks, Mutant Ape Yacht Club (MAYC), and Meetbit. The company also recently closed the acquisition of the 10KTFshop collective.

The projects launched by Yuga Labs have always garnered attention even beyond the crypto community. For instance, the BAYC NFT collection has been purchased by top celebrities, including Snoop Dogg, Eminem, Madonna, and Justin Bieber.

Earlier this year, Yuga Labs also released the Otherside metaverse, an ideal virtual space where large companies can purchase land and develop it. Nevertheless, the values of Yuga Labs’ blue-chip NFTs have dropped significantly in recent months amid a drop in the value of Ether.

Nevertheless, NFT gaming will play a vital role during the next bull run, and Yuga Labs might be at the center of it. Given the attention that ApeCoin received shortly after launch, staking on the platform could become successful. However, staking has proven to be a regulatory complication in some jurisdictions that view it as a securities violation.

Yuga Labs needs to overcome some apparent challenges

Over the years, games such as Axie Infinity and the Sandbox have dominated the blockchain gaming space. While there have been some evident challenges, such as the over $600M hack on Sky Mavis earlier this year, the Web3 gaming space continues to grow, and Yuga Labs is looking for a way to tap into this growth.

However, the NFT gaming space is becoming highly competitive, with each new project seeking to solve the weaknesses of its predecessors. Moreover, new projects are also looking for ways to achieve interoperability by ensuring that in-game items can be transferred across different blockchains.

Another evident challenge is the hesitance of traditional gamers and gaming developers to support NFT gaming. Recently, Take-Two ordered MyMetaverse to halt operations in the Infinity Auto server. Take-Two is the parent company of Rockstar Games, the creator of Grand Theft Auto.

To succeed, NFT gaming companies must work together to build adoption. Currently, there are many metaverses existing, and one of the ways to grow adoption is by ensuring there is interoperability between these metaverses.

Yuga labs also needs to settle with regulators on the status of ApeCoin, as it could determine the platform’s future. in October, there were reports that the US Securities and Exchange Commission (SEC) had launched a probe into Yuga Labs over a possible securities violation. ApeCoin is currently down 85% from an all-time high created in April this year.