Yuga Labs, the firm behind the highly anticipated Bored Ape Yacht Club NFT collection, is raising hundreds of millions of dollars by selling virtual property tracts.
There’s also information about a major new metaverse venture, Yuga’s upcoming cryptocurrency, and significant financial data.
According to the corporation, Yuga generated $127 million in net revenue last year, which it plans to increase to $455 million by 2022, mostly from virtual land sales.
The pitch deck has been updated and sent to investors as part of an ongoing fundraising campaign, with the most recent update being in February. According to an article published last month by the Financial Times, Yuga is looking to raise more funds worth up to $5 billion.
Serena Williams, Jimmy Fallon, and Snoop Dogg are among the celebrities who have purchased items from the company’s renowned cartoon primates line in the previous year. BAYC NFT sales have surpassed $1 billion, including secondary market sales.
Yuga currently intends to expand its product line. Virtual land sales are the first step in a metaverse effort to diversify revenue streams away from NFT ape photos.
“We aspire to construct something that not only expands the BAYC’s universe but also invites the greater NFT community (and those priced out of BAYC membership) to join,” the company said in its presentation.
A virtual role-playing game (Bored Ape) is the MetaRPG (Bored Ape).
Yuga intends to accomplish this aim by establishing MetaRPG, a gaming-focused metaverse that will be interoperable with a variety of NFTs.
According to the deck, there will be a system referred to as an “in-game app store” that would enable players to build characters from the ground up or use NFTs they already have, equip them (again using NFTs), and utilize them in games.
Money is another important aspect of the envisaged universe, which Yuga would offer in the form of the alleged APECoin currency.
According to the company’s presentation, the token would be used to make purchases in Yuga’s future app store, and “trading and bartering” will be promoted.
Yuga’s vast metaverse program will begin with selling virtual land in the form of NFTs linked to metaverse plots. These tales will include natural resources, antiquities, and, in some instances, unusual characters.
Yuga intends to sell 200,000 plots in two auctions this year, between March and August, for a total of $178 million (in addition to secondary sale proceeds). The corporation will retain a piece of virtual real estate. According to the publication, Animoca Brands, a digital company that is also working on a racing game with Yuga, will be engaged in the launch.