Yuga Labs, the company behind the Bored Ape NFT series has raised the sum of $285 million worth of cryptocurrency from a virtual land sale. This event follows initial funding round in March where it received $450 million from investors. According to the firm, this is part of its plans to launch a metaverse game it is building.
Your key to the Otherside awaits. Mint is live: https://t.co/UWRD4dO4k9
— OthersideMeta (@OthersideMeta) May 1, 2022
Similarly, Yuga Labs also sold “Otherdeeds” NFTs on the 30th of April. It also announced that users could exchange them in exchange for virtual plots in an online space called “Otherside”. Users can only purchase Otherdeeds using ApeCoin, the native cryptocurrency of Bored Ape. Despite selling for 305 ApeCoin per unit, all 55,000 Otherdeeds have been sold out.
Therefore, Yuga Labs made 16,775,000 ApeCoin from this virtual land sale. Going by the prize of the token at the time of the sale, it brings the total to $285 million dollars. Despite the massive success of this sale, the NFT firm is not divulging such details. In terms of the distribution or utility of the funds, Yuga only stated that it will be locking up this token for one year.
This maiden sale represents only about a quarter of the total amount (200,000) of Otherdeeds available for building in the metaverse. Users should expect subsequent sales the game promised to make 100,000 units available from the 30th of April 2022. The rest will serve as rewards o Voyagers who hold Otherdeeds and contribute to the development of Otherside.
Owners of Bored and Mutant Apes will also be able to claim these NFTs. They both stand a 10% and 20% chance of getting one. This is because Yuga labs is setting aside 10,000 otherdeeds for BAYC holders and 20,000 for MAYC holders.
Feature of the Otherside Virtual Game
Otherside is a gamified, interoperable metaverse currently under development. The game blends mechanics from massively multiplayer online role-playing games (MMORPGs) and web3-enabled virtual worlds. Think of it as a metaRPG where the players own the world, your NFTs can become playable characters, and thousands can play together in real-time.
With the launch of this project, the NFT company aims to create immersive, interactive, and collaborative in a way that has never been done before. This project will be ever-evolving and will be tailor-made to the demands of players. With Otherdeeds, they can participate in prototype builds, demos, and tests that shape the final game design and experience.