Yuga Labs, the business behind the Bored Ape Yacht Club (BAYC) NFT collection, is hoping to raise hundreds of millions of dollars by selling off virtual plots of land. The company’s pitch includes Yuga’s planned token and a sweeping new metaverse initiative. The pitch had been circulated to investors as part of an ongoing fundraising process. The company hopes to raise fresh funds at a valuation of as much as $5 billion. Virtual land sales are the first phase of a metaverse initiative that aims to diversify revenue away from selling ape-based NFT images.
“We want to build something that expands the universe of the BAYC, but also invites the larger NFT community (and those priced out of BAYC membership) to join,” the company explained in its deck.
To that end, Yuga is planning on building a gaming-focused metaverse named MetaRPG that will be compatible with a host of NFTs. There will be an “in-game app store” that will allow players to create characters using NFTs they own, outfit them (again with NFTs), and use them in games, according to the deck.
Another crucial component of the proposed world is currency, which Yuga will provide in the form of a much-rumored token named APECoin. The token will be used to make purchases in Yuga’s planned app store, and the company said in its deck that it will also encourage “trading and bartering.”
Yuga’s grand metaverse plan will kick off with the sale of virtual land in the form of NFTs, which will be linked to plots in the metaverse game. These plots will contain distinct traits such as natural resources, artifacts, and in some cases rare characters.
In total, 200,000 plots will be distributed across two sales in March and August this year. Yuga hopes to raise $178 million (in addition to secondary sale proceeds) from each sale. The company will retain a portion of the virtual land for itself. Animoca Brands, a digital studio that’s also building a racing game with Yuga, will be involved in the launch.
(All information was provided by The Block Crypto)
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