Bored Ape creators Yuga Labs are set for a big payday from the sale of the lands for its metaverse project
Otherside Goes Live Today
Only addresses that have been KYC-approved will be able to mint during the auction, which starts today, April 30.
The estimated revenue was calculated using the land price of 305 ApeCoin ($APE). At the current price of $23.94, that’s over $7,300, which means Yuga Labs and its partners will make around $400 million if all of the lands are claimed.
ApeCoin’s value has risen dramatically in recent days as a result of the announcement that it will be the purchase token. However, many people believe the price will fall after the auction.
Despite the fact that Otherside has yet to show what it has to offer in terms of gaming, there are high hopes for it. It represents an opportunity for Yuga Labs to expand beyond its highly exclusive Ape NFTs to create a broader platform for NFTs.
Other popular NFT collections, such as World of Women and Cool Cats, will also be integrated into the platform. This means that the owners of those NFTs will be able to play as their own characters in Otherside. However, there are still many unknowns.
Otherside Success Could Spread To Other Yuga Labs Projects
Whatever Otherside has to offer, Yuga Labs’ influence in the NFT scene will grow as a result of its success. After a $4 billion funding round led by Andreessen Horowitz and including other investors such as Animoca Brands, the company is now valued at $4 billion.
Since then, it has acquired the Meebits and CryptoPunk NFTs IP rights from Larva Labs and launched ApeCoin via the ApeCoin DAO. It is now releasing the Otherside gaming platform.
All of these events have had a significant impact on the value of the company’s flagship collections, BAYC and MAYC. Bored Ape’s floor price has risen to a new high, with the lowest available now listed on OpenSea for 152 ETH, or around $429,000.
