Oceans of Wisdom

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

they earned $200M in royalties I think

no

and I am sure A16Z can force a sale at some point etc etc

because if they don't get past the pref they don't get paid

it is forcing them into a this big bet

unfortunately

is overhanging anything they do

so the $400M pref

well not just otherside but Yuga took I think a $400M and earned I think $200M of royalties

ser, it cost $400M

bc they have worked so hard to do it

but in any case i hope they succeed

I think this is about what I think

well I am not sure if that is better than what I think

if all the information needed to replicate it is decentralized, no. e.g. etherscan is centralized but that is fine

so I respect the effort

they seem extremely committed to spending a lot of money and effort to doing otherside

I still have not understood if it is a game or a platform

let's see what Yuga does with Otherwise but I still think it is hard

so anything 3D is still very obviously too early on the tech curve

it is just too early. after FB spent billions to fuck it, Apple, the hardware gods, spent other several billions on the vision pro to also fuck it up

coffee is, in fact, very good for you

and I have an idea in principle of how to do it

at least here unlike with oncyber it is under my control

how to get off AWS