Yuga Labs hopes to generate $50 million with the New Mecha Apes NFT Collection
Quick take:
- Yuga Labs hopes to raise another $50 million with the Mecha Apes collection.
- The Bored Ape parent company also plans to sell another 100,000 metaverse plots.
- Yuga Labs has featured a “Mecha Piece” as one of the items in Otherdeeds.
Yuga Labs is reportedly hoping to make $50 million from an upcoming Mecha Apes NFT collection, according to a leaked document seen by Protos. Currently, there is no further information about the NFT collection, which Yuga Lab could potentially launch by the end of this year.
Bored Ape parent company’s metaverse sale in May grossed a total of $600 million with all 100,000 plots of Otherdeeds land sold out. Each lot sold for $6,000, but the floor price has fallen more than 50% to $2,700 in the current bear market, especially with NFT trading volume on OpenSea down 99% from its peak in May.
While Yuga Labs has not revealed any information about Mecha Apes, the company has shown a “Mecha Piece” as one of the items in Otherdeeds. Yuga Labs said Otherdeeds is “where players will be able to interact simultaneously in a single location, connect to natural voice chat (even in crowds of thousands), experience rich, immersive gameplay supported by AI and physics, and move between metaverses.”
Since the sale of Otherdeeds began in May, there has been speculation that the plots will be part of a metaverse game to make money, and the items will likely be tradeable in-game.
In March of this year, Yuga Labs raised its metaverse campaign with a $450 million funding round led by a16z that valued the company at $4 billion. The round was backed by the biggest names in technology and Web3, including FTX Ventures, Google Ventures, Mark Cuban, Snoop Dogg and Animoca Brands.
Yuga Labs plans to use the funds to build a metaverse gaming and NFT empire. Its Otherside metaverse aims to promote interoperability by allowing developers to launch games from other blockchains in the universe.
According to Wylie Aronow, one of the founders of Bored Ape Yacht Club, aka “Gordon Goner”, the company is looking to create a gamified world that is completely decentralized and interoperable.
In August, the secondary sales market for Otherdeed for Otherside by Yuga Labs exceeded $1 billion. Despite the floor price of Bored Apes’ NFTs falling by more than 50% from its all-time high of 152 ETH on April 20, Yuga Labs remains one of the biggest players in the NFT space.
The company acquired the rights to blue-chip pools Meebits and CryptoPunks and granted commercial rights to holders of NFTs from the two pools. In August, Tiffany & Co. launched its first NFT project, called NFTiff. The project released 250 “digital passports” exclusively available to CryptoPunk holders who could have their punk transformed into custom pendants handcrafted by Tiffany & Co. jewelers after buying a NFTiff.
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