The founders of Bored Ape, Yuga Labs, want to generate a substantial profit from the selling of land on their metaverse project. The corporation is conducting an auction of around 55,000 Non-fungible tokens (NFT) property titles with a potential value of over $300 million.
During the auction, which starts today (April 30), only KYC-approved addresses will be eligible to mint.
The anticipated revenue was computed using the land value of 305 ApeCoin ($APE). If all of the assets are claimed, Yuga Labs and its partners would gain almost $400 million, based on their current value of $23.94.
In recent days, ApeCoin’s value has surged as it was revealed that it will be the purchase token. Nonetheless, many folks anticipate that the price will decrease after the sale.
Despite the fact that Otherside has yet to exhibit its gaming capabilities, it has high hopes. It gives Yuga Labs the potential to expand their NFT platform beyond their very unique Ape NFTs.
Additionally, the website will include popular NFT collections such as World of Women and Cool Cats. These NFTs will let its owners to play as their own character in Otherside. Nonetheless, there are several unknowns.
Regardless of what Otherside has to offer, Yuga Labs’ effect on the NFT industry will increase as a result of its success. After a $4 billion financing round headed by Andreessen Horowitz and included other investors such as Animoca Brands, the company is presently valued at $4 billion.
Since then, it has acquired the intellectual property rights to the Meebits and CryptoPunk NFTs from Larva Labs and produced ApeCoin through the ApeCoin DAO. Currently, it is launching the Otherside gaming platform.
All of these occurrences have had a considerable impact on the value of BAYC and MAYC, the company’s primary collections. The lowest available Bored Ape is presently advertised on OpenSea for 152 ETH, or roughly $429,000, a record high floor price.