Home Tech & Gadgets NFTs for virtual land, sold for colossal sums: how the Bored Ape...

NFTs for virtual land, sold for colossal sums: how the Bored Ape metaverse evolves

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The company behind the NFT series “Bored Ape” has raised about $ 285 million worth of cryptocurrencies by selling tokens that represent land in a virtual world game that it says it is building.

Last year, US startup Yuga Labs created Bored Ape Yacht Club NFT, a blockchain-based non-fungible chip representing a set of 10,000 computer-generated cartoon monkeys.

As non-fungal tokens (NFTs) —crypto assets that represent digital files such as images, videos, or items in an online game — explode in popularity, Bored Ape prices have risen to hundreds of thousands of dollars each.

Thus, it became one of the most prominent NFT brands, Apes being sold to the top auction houses, the assets being owned by celebrities such as Paris Hilton and Madonna. Now, Yuga Labs – which raised $ 450 million in March in a round of funding led by Andreessen Horowitz – has set its sights on the so-called “metavers”. In an April 30 online sale, Yuga Labs sold NFTs called “Otherdeeds,” which it said could be changed to virtual land lots in a future Bored Ape-themed online medium called Otherside ”.

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NFTs from Bored Ape, worth $ 285 million

“Otherdeeds” could only be purchased using the cryptocurrency associated with the project, called ApeCoin, which was launched in March. 55,000 Otherdeeds were sold at a price of 305 ApeCoin each, and the company wrote on Twitter that they are exhausted.

That means sales totaled $ 16,775,000 for ApeCoin, valued at about $ 285 million as of Sunday, according to Reuters calculations based on ApeCoin’s price on the Coinbase cryptocurrency exchange at 1210 GMT.

It was unclear how the funds would be distributed, although the company said ApeCoin would be “blocked” for a year. The sell-off indicates continued high demand for high-risk crypto-speculative assets related to online virtual worlds. NFTs are largely unregulated, and reports of fraud, counterfeiting and market manipulation are common. While many are confused by the idea of ​​paying real money for land that does not physically exist, some virtual land NFTs have already brought in millions of dollars.

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The Otherside metaverse will be a multi-player gaming environment, according to its website, which says it is currently under development. Yuga Labs has not yet said when it will be released.

For reference, the sale of Yuga Labs ‘Otherdeeds comes shortly after Bored Ape Yacht Club’s official Instagram account was hacked and a phishing link was posted, allowing scammers to steal victims’ NFTs. I wrote more about this topic HERE.

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