Oceans of Wisdom

say something dramatic!

attention-seeking I think (sorry Bored)

absolute astronomical levels of contortions to find some reason to complain

truly have no idea what bored is talking about to be honest

and I hope I do also

i hope they do

I cannot believe you have found a way to complain about this

it is literally the Gold Standard possible way to handle things

if we get it right, my stake will be my TDH

if we get it right

will and should go away

the company as far as the network is concerned

my goal is to decentralized

yes that is what we are doing

yes OK, I have been extraordinarily clear that buying an art NFT is not equity in some company because it would literally be illegal to sell it to you otherwise

give me a break dude. they are owed exactly what every other NFT holder is owed

to your point above @[boredsurgeon] of course I am very grateful that people mint

the $450M from investors DOES

the $700M from NFT holders does NOT change their flexibility

so Yuga has taken in $700M from NFT holders approximately and $450M from investors

but is usually true

may not be true

don't know this for sure

at some point

A16Z can almost certainly force the sale of Yuga

I am making a point about capital structure

what do you mean

Short answer: ballpark, you’re looking at roughly **$1.1B–$1.4B+** of “cash in” to Yuga Labs if you add up: * Venture funding * Primary mints * Secondary royalties Below is how that breaks down, using on-chain and press estimates. --- ### 1. Venture financing Yuga has only ever disclosed **one big equity round**: * **Seed / “Series A–sized” round (Mar 2022)** Amount: **$450M** led by a16z crypto, at a $4B valuation. ([TexAu][1]) So on the **venture side: ≈$450M**. --- ### 2. Primary NFT sales (mints) Key mints where Yuga actually sold something (vs free airdrops): 1. **Bored Ape Yacht Club (BAYC)** * 10,000 NFTs at 0.08 ETH in April 2021 * Galaxy’s royalty report pegs **primary-sale revenue at about $2.2M** at launch. ([Galaxy][2]) 2. **Mutant Ape Yacht Club (MAYC)** * Dutch auction for 10,000 mutants, plus free “serum” airdrops to BAYC holders. * Multiple sources put the **public sale around $96M–$100M** in a single hour. ([Crypto Briefing][3]) 3. **Otherside / Otherdeed land sale** * 55,000 public mints (plus free allocations to existing holders). * Contemporary reporting + later analyses give a range: * “Nearly **$320M** from primary sales” ([Binance][4]) * Detailed ETH-based breakdowns show **≈171k ETH ≈$480M** depending on the ETH price snapshot. ([Collective Shift][5]) * Reasonable takeaway: **Otherside primary revenues were in the $300M–$500M range**; most commentary clusters around **$300M–$330M** when quoted in the press at the time. 4. **Sewer Pass / Dookey Dash** * Claim was free for BAYC/MAYC, but Yuga also did a paid component and took a cut on early trades. * Coindesk/Yahoo note the **Sewer Pass mint grossed about $6M in sales** very quickly. ([CoinDesk][6]) 5. **TwelveFold (Bitcoin ordinals auction)** * 288 pieces auctioned on BTC. * Auction raised **≈735.7 BTC ≈$16.5M**. ([Decrypt][7]) 6. **HV-MTL & smaller drops** * HV-MTL alone did **≈$5M+ in sales** early on. ([The Coin Republic][8]) * There are other smaller mints / gamified drops (Legends of the Mara pieces, etc.) which contribute at most **tens of millions more** cumulatively, not hundreds. Putting a conservative band around the big ones: * BAYC: ≈ **$2M** * MAYC: ≈ **$100M** * Otherside: **$300M–$500M** (I’d use **~$330M** as a “press-consensus” number, but the ETH math supports a higher figure) * Sewer Pass: ≈ **$6M** * TwelveFold: ≈ **$16.5M** * HV-MTL & other small mints: on the order of **$10M–$30M** combined So **primary mints likely total in the neighborhood of $450M–$650M**, depending mainly on how you mark the Otherside sale to USD. --- ### 3. Secondary sale royalties There are several independent attempts to estimate Yuga’s total royalty take: * CryptoSlate estimated **$107.8M in royalties in 2022 alone** from BAYC, MAYC, and Otherdeeds. ([CryptoSlate][9]) * Nansen’s data (mid-2023) put Yuga’s **cumulative royalties at about $165M** across its collections. ([ODaily][10]) * CoinGecko later quantified **$178.8M in royalties from Apr 23 2021 to Jul 12 2023**, calling Yuga the most profitable NFT project by royalty income on Ethereum. ([CoinGecko][11]) * A separate value-accrual analysis pegs royalty revenue at **≈$182M** by early 2023. ([ChainCatcher][12]) Given royalty enforcement weakened on Blur and some other marketplaces after 2023, growth has slowed, but it’s still reasonable to say: * **All-time royalties into Yuga Labs are at least ~$180M** * With post-2023 trickle, **a ballpark of ~$180M–$220M** is plausible. --- ### 4. Putting it together If you add **venture funding + primary mints + royalties** (ignoring unrealized ApeCoin and mark-to-market NFT/treasury assets): * **Venture funding:** ≈ **$450M** * **Primary mints:** ≈ **$450M–$650M** * **Royalties:** ≈ **$180M–$220M** So a sensible, defensible range for **“total cash that went into Yuga”** via those three channels is: > **≈$1.1B on the low side to ≈$1.3B–$1.4B on the high side**, > with a **central “back-of-envelope” estimate around ~$1.2B–$1.3B**. Two big caveats: 1. These are **USD-equivalent at time of sale**, mostly collected in ETH, APE, BTC, etc. 2. Different analysts choose different ETH prices and cut-off dates, which is why you see non-trivial spread on the Otherside and total royalty numbers.

Yuga has had total cash inflows of various types over about $1.2B

i underestimated

i think you are missing the point that I am trying to make. revenue does not negatively impact the capital structure and governance. the money that yuga made from mints and royalties does not change their behavior. the preference share overhand does. as it relates to us, even with the mints, the majority of capital that ever entered is mine

farcaster threw in the towel today

almost all the marketplaces are dead

like I am sure NFTs are going to make it but also most people there in the beginning (including orgs) will blow themselves up (loudly or softly) along the way

and we are set up on the same principles

you may remember me from such threads as "Survive"

1/ the large majority of money in the company is mine (museum and network) 2/ the other money that came in is from close friends or crypto OGs 3/ it came in as common stock, not preferred 4/ I have full control, nobody can force me to sell or take big bets to get back their preference shares

to be specific

which makes us much more survivable

we have never done a venture round

capital structure does matter

capital efficiency does matter

i am just saying it is a very hard road

i want them to succeed

i wish them wall

they are short 5,000,000 less 5,000 DAU

so just for the VCs to ~ break even

Short answer: there’s no single number, but on fundamentals a typical online F2P multiplayer game usually needs a few million DAU to support a >$500M valuation.

the preference shares are

but anyway the revenue they earned is not distortive