Yuga Labs, the company behind the hugely popular Bored Ape Yacht Club NFT collection. It is expected to raise hundreds of millions of dollars with a virtual land sale starting this month.
Various plans, including its own APECoin token, are outlined in the pitch deck, which has been released to investors. It includes information about the metaverse, Yuga’s planned tokens, and key financial metrics.
According to the documents, Yuga made $127 million in net income last year. The project is projected to reach $455 million by 2022, largely due to revenue from virtual land sales.
In addition, Yuga is looking for new funding with a valuation of up to $5 billion, according toreportof the Financial Times last month.
As of now, Yuga plans to offer a virtual land sale as the first phase of the metaverse that aims to diversify its revenue from the sale of NFT monkey images.
“We wanted to create something to expand the BAYC universe and the NFT community (and non-BAYC members) to join in.”
With that in mind, Yuga is planning to create a gaming-focused metaverse called MetaRPG that will be NFT compatible.
And there will be a system — described as an “In-Game App Store” — that will allow players to create characters using the NFTs they own. and dress them up
Another important element is the currency, which Yuga will provide in the form of APECoin tokens, according to many rumors.
The token will be used to make Yuga’s planned App Store purchases, and the company says the token will support it. “Trading and exchanging goods” as well.
Land sales
Yuga’s grand metaverse will begin with the sale of virtual land in the form of NFTs, which are linked to the plots in the metaverse, which will feature different traits such as natural resources, artifacts, and rare characters in Yuga. some cases
In total, the 200,000 plots of land will be sold twice, in March and August this year, and Yuga hopes to raise $178 million with each sale. The company will keep a portion of the land for itself. Animoca Brands, the digital studio that creates racing games with Yuga, will also participate in the launch.