Bored Ape Founder plan to Launch Virtual Land and Plot Sales.
After the tremendous popularity of the Bored Ape Yacht Club NFT collection, Yuga Labs decides to launch virtual real estate.
The project hopes to bring in hundreds and millions of dollars once the real estate is up for grabs. Yuga Labs is behind the super hyped Bored Ape Yacht Club NFT collection.
With its new virtual land sale plans, the projected revenue this year for Yuga Labs is $455 million.
The initiative of virtual land and plots for sale from Yuga Labs is promising progress made by the company in the realm of the metaverse. The document obtained by The Block further outlines Yuga Lab’s crypto token plans as well as its financial matters.
Last year, Yuga Labs made $127 million in revenue which is expected to reach $455 million primarily through virtual land sales. The company plans to distribute 200,000 plots in two segments; March and April.
The document known as the deck was circulated in the investors' circle as a part of ongoing fundraising. Yuga Labs hopes to raise fresh funds with a valuation of $5 billion, according to a report shared by Financial Times.
Earlier, Yuga Lab’s NFT collection enjoyed massive success thanks to some of the high-profile purchases done by celebrities like Jimmy Fallon, Snoop Dogg, and Serena Williams.
Yuga’s collection of cartoon primates amassed a trading volume of more than $1 billion.
Now, Yuga Labs eye expansion, “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,” read in the company’s deck.
Moreover, Yuga Labs also plan to build its metaverse revolving around gaming known as MetaRPG that will be compatible with several NFT's.
Moreover, its metaverse will also roll out a much-anticipated cryptocurrency known as APECoin.
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