Update: The leaks have been decided by the founders
Yuga Labs, the company behind the famous Bored Ape Yacht Club NFT collection, has recently disclosed its intention of raising hundreds of millions of dollars in revenue for 2022. This information also revealed its latest Metaverse initiative, critical financial metrics, and the introduction of its planned token.
It was revealed that Yuga Labs plans to generate $455 million in revenue this year by selling virtual plots of land. The projected revenue will be much more than the company’s $127 million net revenue in 2021.
The intended project is part of an ongoing fundraising by the company. In a report published last month, the Financial Times revealed that Yuga Labs expects to raise as much as $5 billion in fresh funding for its numerous initiatives this year and the years to come.
Expanding its Coverage through Various Initiatives
Yuga Labs initially made its way into the Metaverse through its cartoon primates called the Bored Ape Yacht Club (BAYC). The collection grew in popularity over the past year primarily due to high-profile purchases by well-known figures like Snoop Dogg, Serena Williams, and Jimmy Fallon. Since its launch, BAYC NFTs have sold for over $1 billion in total, including sales on the secondary market.
This time around, it plans to expand its coverage through various initiatives, including a gaming-focused Metaverse and virtual land sales. The company aims to generate revenue from selling NFT images of cartoon primates and the previously mentioned undertakings.
“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,” the company said.
These Metaverse projects will culminate with virtual land sales.
Gaming-Focused Metaverse
One of Yuga Labs’ plans is to build a gaming-focused Metaverse called MetaRPG. It will be compatible with many NFTs. It will have an in-game app store where players can develop different characters using NFTs they already own or by starting from scratch. They can even customize the characters by dressing them up with NFTs and using them in games.
It is said that the proposed gaming world will have its own currency—the highly-anticipated APECoin token. Players can use the tokens to buy from Yuga Labs’ planned app store, although they can also trade and barter the APECoin.
Virtual Land Sales
Yuga Labs’ purported undertakings will kickstart with the sale of virtual lands in NFT form. These virtual lands will be directly linked to plots in the previously mentioned Metaverse game. They will contain specific traits like artifacts, natural resources, and even rare characters in some cases.
There will be two sales this year, in March and August, wherein 200,000 plots will be distributed. Apart from secondary sale proceeds, Yuga Labs hopes to generate $178 million from each sale. The company will keep a portion of the virtual land for itself.
Involved in this initiative’s launch is Animoca Brands, a digital studio collaborating with Yuga Labs in a racing game. Just last week, BAYC hinted at this new partnership with Animoca. While there are no details yet about the collaboration, BAYC disclosed that the impending announcement has been outdated.
It looks like 2022 will be a busy year for Yuga Labs. Apart from the land sales and APECoin release, it has previously announced the acquisition of the intellectual property rights of two powerhouse NFT collections—CryptoPunks and Meebits—from Larva Labs.
Get more news updates
Get more NFT news updates at Omnimint News. For more information on Omnimint, and details on how to join our community, please follow our Twitter, or subscribe to our Telegram channel for more updates, and please feel free to submit your article.