Bored Ape Yacht Club founders say they will generate up to $300 million in cryptocurrency by selling land in the metaverse this weekend.
As the Financial Times reported on Friday, the sale is expected to be the biggest non-fungible token launch ever, with Yuga Labs selling NFT deeds for at least 55,000 plots of land in the Other Side, its game metaverse.
When the sale begins on Saturday, each holder will get rights to land that costs 305 ApeCoin – the Yuga cryptocurrency unveiled in March – or more than $6,000. The FT notes that these bidders will be purchasing in-game land that has not yet been released and has not yet been widely previewed.
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With the help of blockchain technology, NFTs verify ownership of a digital asset and have evolved into a multi-billion dollar marketplace for virtual goods.
Over the past year, Bored Ape Yacht Club (BAYC) has become one of NFT’s top collections, achieving at least $1.4 billion in sales. Last month, Yuga Labs raised $450 million in a funding round that valued the company at $4 billion.
The company said it wanted to raise its valuation to $5 billion on the assumption that it could find $455 million in funding this year, mostly through the sale of virtual land.
According to the FT, if the Otherside land sells as expected, Yuga and its partners could generate sales of up to $335 million.
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The report also claims that the game will test whether Yuga can push Bored Ape characters into a larger NFT platform that takes mainstream tokens. Otherside will allow NFT owners to play as characters they own in the metaverse, though details of the game, its plot, and gameplay are unclear.
“I feel like the success of Web3 games ultimately rests on everything that happens with Otherside,” Ophelia Brown, whose venture capital firm Blossom Capital owns four Bored Apes and around 40,000 ApeCoin, told the Financial Times.
“This is probably the most anticipated game launch on Web3 and you have the most engaged community [of Bored Ape owners] and the most innovative and creative team behind it all,” Brown added. “All the ingredients are there for it to be absolutely massive. If that falls flat, it feels like it was all just a lot of speculation and hype.
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