Yuga Labs, the company behind the highly anticipated Bored Ape Yacht Club NFT collection, is trying to fund hundreds of millions of dollars by selling virtual property parcels.
As well as details on a massive new metaverse venture, Yuga’s proposed token, and significant financial indicators.
According to the statement, Yuga generated $127 million in net revenue last year, which it expects to increase to $455 million by 2022, primarily from virtual land sales.
The deck has been disseminated to investors as part of an ongoing fundraising campaign, with the most recent update being in February. According to a report published by the Financial Times last month, Yuga is looking to raise more money at a valuation of up to $5 billion.
Celebrities including Serena Williams, Jimmy Fallon, and Snoop Dogg have purchased items from the company’s cartoon primates line, which has risen to prominence in the last year. BAYC NFTs have changed hands for more than $1 billion in total, including secondary market sales.
Yuga now intends to expand its product line. The virtual land sales are the first step in a metaverse campaign aimed at diversifying revenue streams away from ape-based NFT photos.
“We aim to create something that not only expands the BAYC’s universe, but also invites the greater NFT community (and those priced out of BAYC membership) to participate” the company wrote in its deck.
The MetaRPG is a virtual role-playing game – Bored Ape
To that aim, Yuga intends to create MetaRPG, a gaming-focused metaverse that will be interoperable with a variety of NFTs.
According to the deck, there will be a mechanism — described as a “in-game app store” — that would allow players to create characters from scratch or using NFTs they already own, dress them (again with NFTs), and utilize them in games.
Another important aspect of the projected universe is cash, which Yuga would offer in the form of the APECoin token, which has been widely rumored.
The token will be used to make purchases in Yuga’s upcoming app store, and the company stated in its presentation that “trade and bartering” will be encouraged.
Sales of land
Yuga’s vast metaverse plan will begin with the selling of virtual land in the form of NFTs, which will be linked to metaverse plots. Natural resources, artifacts, and, in certain circumstances, unusual characters will all be present in these plots.
In total, 200,000 plots will be sold in two sales this year, in March and August, with Yuga hoping to raise $178 million from each sale (in addition to secondary sale proceeds). A piece of the virtual land will be kept by the firm. According to the paper, Animoca Brands, a digital firm that is also working on a racing game with Yuga, will be engaged in the launch.
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