Yuga Labs, the makers of Bored Ape, are expecting to make a lot of money from the selling of lands on their metaverse project. The corporation is holding an auction of approximately 55,000 Non-fungible tokens (NFT) deeds of the land of Otherside, with a potential value of over $300 million.
Only addresses that have been KYC-approved will be eligible to mint during the auction, which starts today, April 30.
The expected revenue was calculated using the land price of 305 ApeCoin ($APE). At the current price of $23.94, that’s over $7,300, which means Yuga Labs (https://www.yuga.com/) and its partners will make nearly $400 million if all of the lands are claimed.
ApeCoin’s value has risen dramatically in recent days as a result of the announcement that it will be the purchase token. However, many people believe the price will fall following the sale.
Despite the fact that Otherside has yet to show what it has to offer in terms of gameplay, there are high hopes for it. It represents a potential for Yuga Labs to expand beyond its extremely exclusive Ape NFTs to build a broader platform for NFTs.
Other popular NFT collections, such as World of Women and Cool Cats, will be included into the site. This means that owners of those NFTs will be allowed to play as their own character in Otherside. However, there are still many unknowns.
Otherside Success could expand to other Yuga Labs projects.
Whatever Otherside has to offer, Yuga Labs’ influence in the NFT market will grow as a result of its success. After a $4 billion funding round headed by Andreessen Horowitz and including other investors such as Animoca Brands, the company is now valued at $4 billion.
Since then, it has acquired the Meebits and CryptoPunk NFTs IP rights from Larva Labs and created ApeCoin via the ApeCoin DAO. It is now releasing the Otherside game platform.
All of these events have had a substantial impact on the value of the company’s flagship collections, BAYC and MAYC.
Bored Ape’s floor price has risen to a new high, with the lowest available now listed on OpenSea for 152 ETH, or about $429,000.