Virtual reality is quickly becoming a part of everyday life. People are spending more time in VR, and the world of VR has become more immersive than ever before. Plots of virtual land are in high demand and you can exchange “Otherdeeds” NFTs for them in the Metarverse.
By selling tokens that represent land in what it claims is a virtual world game, the company behind the “Bored Ape” series of NFTs raised $285 million in cryptocurrency.
Bored Ape Yacht Club NFTs, a set of blockchain-based tokens based on cartoon apes, were introduced by U.S. start-up Yuga Labs last year.
Bored Ape prices shot up to fetch hundreds of thousands of dollars each as non-fungible tokens (NFTs) rose in popularity – crypto assets that represent digital files such as images, videos, or items in an online game.
In addition to Paris Hilton and Madonna, they became one of the most prominent NFT brands.
Yuga Labs, which raised $450 million from Andreessen Horowitz in March, has now set its sights on what it calls the “metaverse”.
Yuga Labs sold NFTs dubbed “Otherdeeds” on April 30, which they said could be exchanged for plots of virtual land in a Bored Ape-themed online environment called “Otherside.”
Buying otherdeeds required the project’s cryptocurrency, ApeCoin, which was launched in March.
The company posted on Twitter (NYSE:TWTR) that all 55,000 Otherdeeds had been sold. These were priced at 305 ApeCoin apiece.
Reuters calculated the sale raised $285 million in ApeCoin based on the price at 1210 GMT of ApeCoin on Coinbase (NASDAQ:COIN), so the sale delivered 16,775,000 ApeCoin worth around $285 million.
Although the company stated ApeCoin will be “locked up” for a year, it was unclear how the funds would be distributed.
The sale reflects the continued high demand for speculative, high-risk crypto assets associated with online virtual worlds. Market manipulation, scams, and fakes are common in NFTs, which are largely unregulated.
NFTs have already fetched millions of dollars despite the fact that many people are baffled by paying for land that doesn’t exist physically.
On its website, which says it is under development, Otherside describes itself as a multi-player gaming environment.
Yuga Labs refused to say how many people are working on the project or when it will be released.
In the wake of The Bored Ape Yacht Club’s official Instagram account being hacked and phishing links being posted, scammers were able to steal victim’s NFTs. Otherdeeds is Yuga Labs’ first sale since Bored Ape Yacht Club’s account was hacked.