Yuga Labs, the creative force behind the immensely popular Bored Ape Yacht Club NFT brand, has just announced a strategic investment in Hadean, a pioneering startup specializing in spatial computing. This partnership aims to further enhance Yuga’s forthcoming metaverse, known as Otherside, by harnessing Hadean’s cutting-edge technology. Hadean’s role in this collaboration is to provide the essential technology required to scale Otherside, enabling it to support a potentially massive number of concurrent players.
Yuga Labs records success in Otheeside’s playtest
Earlier this year, Otherside’s “Second Trip” playtest drew an impressive crowd of over 7,200 simultaneous players, showcasing the high demand for immersive online experiences. While the exact financial details of Yuga Labs’ investment remain undisclosed, it has been described as a “meaningful” contribution in the context of Hadean’s previous funding rounds. Hadean recently secured $5 million in funding in March, following a substantial $30 million Series A round in September 2022, which included participation from gaming giant Epic Games, creator of Fortnite.
With this new injection of capital, Hadean plans to establish a dedicated team in the United States, working closely with Yuga Labs to focus on achieving “mass concurrency.” In essence, this means enhancing Otherside’s capacity to accommodate a large number of players simultaneously within the same virtual environment. Daniel Alegre, the CEO of Yuga Labs, expressed his excitement about the extended partnership with Hadean noting that the company is glad to make its commitment through the investment with Hadean.
The metaverse and its influence in the wider market
Daniel Alegre also mentioned that the firm will continue to push for the development of Otherside and some other entertainment and gaming. This collaboration builds upon the commercial agreement between Yuga Labs and Hadean, which was announced in September. Additionally, Yuga Labs has teamed up with other startups, including AccelByte, Bad Rhino, and Faraway, all with a shared focus on enriching the Otherside experience. The game also incorporates technology from the metaverse startup Improbable, underscoring the multifaceted approach to its development.
Hadean is often described as a metaverse infrastructure startup, with a primary focus on spatial computing. Spatial computing represents the convergence of digital technology with real-world applications, exemplified by Apple’s Vision Pro mixed-reality headset. Yuga Labs, recognized for its ownership of the iconic Bored Ape Yacht Club NFT collection, has been a major player in the NFT market. In addition to Bored Apes, Yuga Labs also holds the intellectual property rights to CryptoPunks, another influential NFT collection. The startup made headlines when it raised a staggering $450 million in March 2022, achieving a valuation of $4 billion.
As Yuga Labs continues to expand its portfolio, gaming has become an increasingly significant focus, particularly in the development of Otherside. Yuga Labs’ strategic investment in Hadean signals the company’s dedication to creating a dynamic and immersive metaverse with Otherside. By leveraging Hadean’s spatial computing technology, Yuga Labs aims to accommodate a large number of players simultaneously while enhancing the overall gaming experience. This partnership reflects the growing importance of the metaverse in the world of entertainment and gaming and underscores Yuga Labs’ commitment to pushing the boundaries of virtual reality.