Yuga Labs Might Make $400 Million From Otherside Virtual Land Sales
Yuga Labs, the developers of Bored Ape, are expecting to make a lot of money from the selling of lands on their metaverse project. The firm is holding an auction of approximately 55,000 Non-fungible tokens (NFT) deeds of the land of Otherside, with a potential value of over $300 million.
Only addresses that have been KYC-approved will be eligible to mint during the auction, which starts today, April 30.
The estimated revenue was arrived at based on the price of land, which is 305 ApeCoin ($APE). At the present value of $23.94, that’s over $7,300, which means that if all the lands are claimed, Yuga Labs and its partners will make around $400 million.
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 gaming, there are high hopes for it. It represents a potential for Yuga Labs to expand beyond its highly 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.
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 gaming 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.
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