Bored Ape creators, Yuga Labs, are set for a big payday from the sale of the lands on its metaverse project. The company is launching the auction of over 55,000 Non-fungible tokens (NFT) deeds of the land of Otherside which could fetch it over $300 million.
The auction will go live today, April 30, with only addresses that have been KYC-approved being able to mint.
The estimated revenue was arrived at based on the price of land, which is 305 ApeCoin ($APE). At the present value of $23.94, that’s over $7,300, which means that if all the lands are claimed, Yuga Labs and its partners will make around $400 million.
ApeCoin has seen a significant rise in its value in the past few days after announcing that it’ll be the token for the purchase. But many expect the value to drop after the auction.
Although Otherside is yet to preview what it has to offer in terms of gaming, there are a lot of expectations for it. It represents an opportunity for Yuga Labs to create a broader platform for NFTs beyond its highly exclusive Ape NFTs.
The platform will integrate other popular NFT collections like World of Women and Cool Cats. This means that holders of those NFTs will be able to play within Otherside as their character. But there are still a lot of unknowns.
Otherside success could spread to other Yuga Labs projects
Whatever Otherside has to offer, its success will help increase the influence of Yuga Labs in the NFT scene. The company is valued at $4 billion after its Andreessen Horowitz-led funding round that included other partners such as Animoca Brands.
Since then, it has purchased the IP rights to Meebits and CryptoPunk NFTs from Larva Labs and launched ApeCoin through the ApeCoin DAO. And now, it is launching the Otherside gaming platform.
All these developments have significantly affected the value of its flagship collection, i.e. BAYC and MAYC. The floor price of Bored Ape has reached a new high, with the lowest available now listed for 152 ETH on OpenSea, which is around $429,000.
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