Bored Ape startup will create a gaming token and a MetaRPG metaverse

Yuga Labs plans to raise $455 million by selling virtual plots of land

16.03.2022 - 14:55

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What’s new? Yuga Labs, the company that created the popular NFT collection Bored Ape Yacht Club, plans to raise $455 million through the sale of virtual plots of land at the future metaverse. This is reported by The Block.

Information on The Block’s website

What are the prospects? The sale of virtual plots of land is the first phase of a metaverse initiative that aims to diversify revenues from the sale of NFTs. The company plans to create a gaming-focused metaverse called MetaRPG. It will be compatible with multiple NFTs. Another important component will be an APECoin token that can be used for purchases in the Yuga app.

What is at the heart of the project? A total of 200 000 plots will be distributed in two sales in March and August 2022. Yuga expects to make $178 million from each sale. The company will keep part of the virtual land for itself. The company’s representatives said that Animoca Brands, the creator of blockchain games, will participate in the launch of the project.

What is known about Yuga Labs? It is a startup that created one of the most famous collections of NFTs, the Bored Ape Yacht Club (BAYC). It includes more than 10 000 digital artworks. The tokens are built on the ERC-721 standard of the Ethereum network. Earlier, Yuga Labs announced the purchase of the rights to two collections of non-fungible tokens, CryptoPunks and Meebits.

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