Protos found a document that says Yuga Labs wants to get another $50 million and 100,000 pieces of metaverse land by putting out a new set of NFTs called Mecha Apes by the end of this year.
The sale of the company’s 100,000-piece “Otherdeeds for Otherside” NFT collection brought in $600 million. Each deed sold for $6,000 when it was first sold. Since then, both the value of ether and the ether floor price have dropped drastically due to the ongoing bear market. Since its all-time high at this time last year, the number of NFT trades has dropped by 99%.
There is nothing online about Mecha Apes, but the Otherdeeds have featured a thing called a “Mecha Piece.” Yuga Labs describes the Otherdeeds as a place where “players will be able to interact at the same time in a single place, connect with natural voice chat (even in crowds of thousands), experience rich, immersive gameplay supported by AI and physics, and move between metaverses.”
On Twitter, there has been a lot of talk about the possibility of a play-to-earn metaverse game that uses the Otherdeeds and lets players trade in-game artifacts from the metaverse land for virtual currency.
Yuga Labs has kept its NFT releases very secret, but in a $450 million seed funding round earlier this year, the company did talk about some of its plans and ideas. Yuga Labs wants to make a huge media company for Web 3.0 that will have games and art inspired by the metaverse.
Andreessen Horowitz has a wide range of investors, including Animoca Brands, which worked with Yuga Labs on its metaverse game, Sam Bankman-FTX Fried’s Ventures, Googe Ventures, Mark Cuban (even though he said metaverse land was the “dumbest shit ever”), the cryptocurrency exchange MoonPay, the investment banking firm LionTree, Samsung, Snoop Dogg, and Steve Aoki. During the valuation round, the company was thought to be worth $4 billion.
After the launch of Otherdeeds was hampered by buyers clogging the blockchain and driving up transaction fees, Yuga Labs said it plans to make its own blockchain for its crypto token, ApeCoin, to solve scalability problems.
So far, Yuga Labs has been the undisputed leader in the NFT market. They have even bought the rights to the popular Meebits and CryptoPunks collections, which have seen a total of 991,000 ether traded. This is followed by the project that made them famous, the Bored Ape Yacht Club, which has traded 661,900 ether.
Since the Otherdeeds were released, a total of 342,900 ether has been traded for them. This makes them one of the NFT collections with the most ether traded.