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Yuga Labs Inc. helped popularize nonfungible tokens with its Bored Ape Yacht Club collection, first introduced two years ago. The cartoon illustrations of slack-jawed primates, decorated with various accessories and expressions, sold for millions of dollars at the peak of the NFT frenzy last year.
Now the bloom is firmly off the NFT rose, as it is with most things linked to cryptocurrencies these days. But for Daniel Alegre, the former Activision Blizzard Inc. executive who joined Yuga as chief executive officer last month, NFTs still have a bright future by serving as a room key to a world of gaming, events and e-commerce.
