Yuga Labs’ ‘Apefest’ In Hong Kong Has Its Ups and Downs

Credit: Yuga Labs

Yuga Labs, the powerhouse Web3 studio behind the Bored Ape Yacht Club and the owners of CryptoPunks, recently hosted its first Open House event in Kai Tak, Hong Kong. The event titled ’ApeFest’ took place on November 5th, and featured talks by leaders in Web3, games, VR experiences, concerts, and the chance for Web3 diehards to mingle and discuss the future of Web3.

Among some of the notable guests were the Grammy-nominated DaProducer, Yat Siu, the co-founder of Web3 gaming and venture capital firm Animoca Brands, Greg Solano, one of the Yuga Labs’ founders, and Michael Figge, the Chief Creative Officer at Yuga Labs. Making a surprise appearance was the world-renowned disk jockey DJ Soda.

According to reports, guests were decked out in Ape-themed apparel that included Hawaiian shirts, yacht club captain hats, Bermuda shorts, and tuxedos. While the event was open to the public, Ape NFT holders from around the world descended on Hong Kong to mix and learn about what the studio is doing to bring value back to the community.

One specific move that was mentioned by Solano was Yuga Labs’ latest collaboration with Magic Eden, a popular NFT marketplace. The two companies intend to release a marketplace that will enforce royalties for NFT creators, a move that is sure to be popular with creators.

But despite all the hype and excitement, ApeFest wasn’t without its problems. According to several reports, some visitors said that they experienced eye problems because of all the ultraviolet lighting used at the event. While it appears no one has suffered serious damage, it appears some things (i.e. lasers) are better off left to the NFT Apes themselves than their real life holders.

Yuga Labs Keeps Building Despite the Tough Times

The Bored Ape Yacht Club has taken quite a hit this year in the NFT bear market, and some folks think it might not ever recover its all-time highs. But that isn’t stopping the Web3 studio from doing everything it can to build new projects, events, and relationships to keep the train moving forward.

At Rarity Sniper, we’ve covered several articles about Yuga Labs launching new projects this year. Here are some of the top headlines.

Only time will tell if Yuga Labs and the Bored Ape Yacht Club can return to its glory days. But hosting IRL events that bring the community together to network and brainstorm new ideas could be a good place to start. At Rarity Sniper, we’ll be following up on any updates to the story.