YUGA LABS, the creators of Bored Ape Yacht Club NFT collection, will make as much as $300 million in metaverse land sales this weekend.
Yuga Labs will sell NFTs for up to 55,000 plots of virtual land in the Otherside metaverse, starting from Saturday, April, 30.
The land will cost 305 ApeCoin, equivalent to over $6,000.
If the Otherside metaverse land sells out, as expected, Yuga Labs – which was valued at $4 billion in a funding round led by Andreessen Horowitz last month – and its partners will generate a total of $335million.
This estimate assumes ApeCoin will remain above $20.
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The metaverse will allow owners of other NFT collections, including CryptoPunks and World of Women, to play as the characters they own within the Otherside.
Yuga originally planned a Dutch Auction format for the sale, where the price to mint an NFT gradually decreases over time, but said on Thursday that these auctions were “actually bullshit.”
Instead, the price will remain the same and Yuga Labs will gradually increase how many NFTs can be purchased in a single transaction with a wallet.
Bored Apes came onto the NFT scene almost one year ago when volume for Google searches such as “non-fungible thingamabob” hit its peak.
While other NFT projects have declined in value since the initial frenzy, Bored Ape Yacht Club has continued to soar in value as its evolved into a lifestyle brand.
Billions of dollars’ worth of ApeCoin were distributed to the founders and owners of Bored Ape Yacht Club NFTs in mid-March.
Any investor can now purchase and trade ApeCoin on crypto exchanges such as Coinbase and Binance.
The announcement and anticipation for the Otherside metaverse launch, which was first teased six weeks ago in a video on Twitter, has seen the price of ApeCoin double over the past week alone.
It soared from around $14 to a peak of almost $27 on Thursday, before falling back to around $22.
Several metaverse games, such as The Sandbox and Decentraland, have already sold millions of dollars’ worth of virtual land as NFTs over the past few months.
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