- Nicole Muniz addresses some issues related to the security of digital assets.
- Muniz draws a clear distinction between non-fungible tokens (NFT) and JPEG images.
- Yuga Labs received a $450 million seed round leveraging its valuation to $4 billion.
Nicole Muniz, CEO of Yuga Labs, addressed the potential of IP rights, the importance of safety and security of digital assets, and the genesis of Bored Ape Watch Club (BAYC) at WebSummit, Lisbon’s annual technology conference.
Muniz explained the distinction between an NFT and a JPEG by stating that only with NFTs can you enjoy true ownership and rights over digital assets.
She further elaborated that BAYC, CryptoPunks, and Meebits are some major examples from Yuga Labs’ collections that are known to grant creators full commercial intellectual property licenses to holders.
She further explained that exclusive ownership is making its way into the space empowering consumers to shift into owners, like a full 360-degree paradigm shift.
She spoke at length about Yuga’s metaverse platform The Otherside, emphasizing a theory of inclusivity and further stating that she believes that Web3 will render true ownership to people’s identity, and not just digital assets.
Yuga is developing an “Otherside” development kit to help creators build functions for the Otherside to be able to transport those functions into other metaverses.
Led by Andreessen Horowitz, Yuga Labs received a $450 million seed round taking Yuga Labs’ market valuation to a whopping $4 billion. Post this scale-up, the team intends to focus more on developing and growing the organization to maximize all. The hard-earned benefits within the NFT space.