Bored Ape Yacht Club creator Yuga Labs is about to sell $300 million in metaverse real estate, potentially marking the largest NFT launch to date
- The creator of
Bored Ape Yacht Clubis about to sell $300 million in metaverseland for its game "Otherside." Yuga Labswill issue digital "deeds" for up to 55,000 plots of metaverse property.
The Bored Ape Yacht Club's creator will start selling more than $300 million worth of metaverse land plots on Saturday.
Yuga Labs plans to sell digital non-fungible token "deeds" to virtual real estate in its new game "Otherside." Each deed costs 305 ApeCoins, or about $6,000. The
The Yuga Labs and its partner Animoca Brands stand to make $335 million, which would make it the biggest NFT launch ever, the Financial Times said.
The digital land was originally intended to be sold at a Dutch auction, but Yuga Labs said on Twitter on Thursday that the company would move toward a flat-fee payscale for the NFT's.
Anticipation for Yuga Labs' metaverse sale also lifted
The sale also could gauge how resilient investor interest is in the metaverse, a full-scale three dimensional virtual world that's considered part of the internet's next iteration, or Web3. In November, Metaverse Group made a $2.43 million purchase in Decentraland. A week later, video game publisher Atari made a $4.3 million purchase of land in the SandBox metaverse.
Meanwhile, NFT's have become an extremely lucrative asset class and range anywhere from $100 to millions of dollars. The craze has pushed total NFT sales volume to $25 billion over the past year as artists, investors, and entrepreneurs descend upon the nascent Web3 space.
But digital assets have slumped since the start of the year amid a hawkish Federal Reserve and Russia's war on Ukraine.
Weekly NFT sales have been more than cut in half from its early January peak of nearly $1 billion, according to data from NonFungible.com. But the past week has seen weekly NFT sales jump 85% to $456 million from $246 million in the prior week.
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