Quick take:
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.
The Bored Ape parent company’s metaverse land sale in May raked in a total of $600 million with all 100,000 plots of Otherdeeds land sold out. Each plot of land was sold at $6,000, but the floor price has plummeted more than 50% to $2,700 during the current bear market, especially with NFT trading volume on OpenSea down 99% from its peak in May.
While Yuga Labs has not disclosed any information about Mecha Apes, the company has featured a “Mecha Piece” as one of the artefacts in Otherdeeds. Yuga Labs said that Otherdeeds is “where players will be able to interact simultaneously in a single place, connect with 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 of land will be part of a metaverse play-to-earn game and the artefacts are likely to be tradeable in-game.
In March this year, Yuga Labs raised launched its metaverse campaign with a $450 million funding round led by a16z which valued the company at $4 billion. The round was backed by the biggest names in tech 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 within its universe.
According to Wylie Aronow, a co-founder of Bored Ape Yacht Club, aka “Gordon Goner”, the company is looking to create a gamified world that is completely decentralised and interoperable.
In August, the secondary sales market sales volume of Otherdeed for Otherside by Yuga Labs surpassed $1 billion. Despite the floor price of Bored Apes NFTs having plunged by more than 50% from its all-time high of 152 ETH on Apr 20, Yuga Labs is still one of the biggest players in the NFT space.
The company purchased the rights to blue-chip collections Meebits and CryptoPunks and granted commercial rights to holders of NFTs from the two collections. In August, Tiffany & Co. launched its first NFT project, dubbed NFTiff. The project released 250 “digital passes” exclusively available to CryptoPunk holders who could have their Punk turned into custom pendants handcrafted by Tiffany & Co. jewellers after purchasing an NFTiff.
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