Yuga Labs to Sell $300 Million Worth of Metaverse Land

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Yuga Labs to Sell $300 Million Worth of Metaverse Land
02 May 2022
min read

News Synopsis

The creators of the Bored Ape Yacht Club started selling more than $300 million in metaverse land. Yuga Labs plans to sell a digital non-fungible token certificate to virtual properties in the new game "Otherside". The cost of each certificate is 305 ApeCoins, or about $6,000. The NFTs give buyers access to up to 55,000 plots of metaverse landscape.

The digital land was originally planned to be sold at a Dutch auction, but Yuga Labs said on Twitter that the company will move to a flat rate for NFTs. In anticipation of the sale of Yuga Labs' Metaverse, ApeCoin, the native digital currency of the APE ecosystem, has also risen by 50% in the past week.

This sale can also assess the feasibility of investors' interest in Metaverse, a full-fledged 3D virtual world that is considered part of the next iteration of the Internet or Web3. In November, Metaverse Group purchased Decentraland for $2.43 million. A week later, video game publisher Atari bought land for the SandBox metaverse for $4.3 million.

NFTs are now a highly profitable asset class, ranging from hundreds to millions of dollars. As artists, investors and entrepreneurs enter the fast-growing Web3 space, this madness has boosted NFT's total revenue to $25 billion over the past year.

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