Yuga Labs Addresses Health Concerns at ApeFest
Yuga Labs, the creator of Bored Ape Yacht Club, has confirmed the cause of the eye issues reported by attendees of its signature event. The company stated that it is dedicated to supporting the recovery of anyone affected by the health concerns. Reports began to surface on Sunday from some ApeFest participants and staff members who experienced eye pain, vision issues, or skin irritation after attending the Saturday night event. Yuga Labs conducted a thorough investigation and determined that UV-A emitting lights installed in one corner of the event were likely responsible for the reported issues related to attendees’ eyes and skin.
Yuga Labs expressed its commitment to bringing the community together in real life through events like ApeFest and expressed sadness that this incident has detracted from the experience of attendees.
Navigating Market Downturns
The incident occurred as Yuga Labs was navigating a significant downturn in the NFT market. The company announced a restructuring and layoffs last month and saw its quarterly royalty revenue plummet to $2.5 million in the third quarter of this year compared to $8.7 million during the first quarter. Additionally, the floor price of the BAYC collection fell 55.6% from the beginning of this year to 30.86 ETH ($59,200). Similarly, the floor price of the Mutant Ape Yacht Club fell 62.8% during the same period to 5.77 ETH.
Hot Take: Navigating Challenges in a Volatile Market
Yuga Labs’ response to health concerns at ApeFest demonstrates their commitment to their community. Despite facing challenges due to market downturns, they remain dedicated to supporting their community while navigating a volatile NFT market landscape.
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