Bored Ape NFT Company Raises around $285 Million in Virtual Land Sale

Key Takeaways

  • On Saturday, the inventor of the Bored Ape Yacht Club will begin selling metaverse land plots for more than $300 million.
  • In its new game “Otherside,” Yuga Labs intends to offer digital non-fungible token “deeds” to virtual real estate.
  • Through the NFTs, buyers can get access to up to 55,000 parcels of metaverse land.
  • Yuga Labs and its partner Animoca Brands stand to reap $335 million from this NFT launch, making it the largest in history.

Bored Ape Yacht Club creator will begin selling plots of metaverse land on Saturday for more than $300 million. Yuga Labs promises to sell digital non-fungible token “deeds” to virtual real estate in its new game “Otherside.” Each deed costs 305 ApeCoins (about $6,000). Buyers can gain access to up to 55,000 plots of metaverse land through the NFTs.

The digital land was originally supposed to be auctioned off in the Netherlands. Yuga Labs and its partner, Animoca Brands, stand to profit of $335 million. ApeCoin, the APE ecosystem’s native digital currency, increased by 50% in anticipation of the sale.

The Financial Times reports that Yuga Labs and its partner Animoca Brands stand to profit $335 million from this NFT launch, making it the largest in history. The digital land was supposed to be sold through a Dutch auction, but Yuga Labs said on Thursday through Twitter that the company will instead charge a fixed fee for the NFTs.

In the preceding week, the anticipation surrounding Yuga Labs’ metaverse auction increased the value of ApeCoin, the APE ecosystem’s native digital currency, by up to 50%.

The transaction may also indicate investor interest in the metaverse, a full-scale three-dimensional virtual environment that is expected to be included in the internet’s next generation, or Web3. In November, Metaverse Group paid $2.43 million for Decentraland.

NFTs have become a hugely profitable asset class, with prices ranging from $100 to millions of dollars. The mania has driven total NFT sales volume to $25 billion in the preceding year, as artists, investors, and corporations flock to the embryonic Web3 market.

Due to the Federal Reserve’s hawkish stance and the ongoing conflict in Ukraine, digital assets have declined since the beginning of the year. Sales of NFT have fallen by about half since reaching a high of about $1 billion in early January. Compared with the previous week, weekly NFT sales increased by 85% to $456 million from $246 million.

Otherside, a gamified, interoperable metaverse, is currently under construction. As a multiplayer role-playing game (MMORPG), the game incorporates elements from MMOs and web3-enabled virtual worlds. Consider it a meta RPG in which the players control the environment, your NFTs can be converted into playable characters, and thousands of people can play simultaneously.

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Baisakhi Mishra

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