News By  Kateryna Salnichenko
Newbie 1183 30 Apr 2022

Yuga Labs has earned about $285 million from selling lands of the metaverse

The American startup Yuga Labs, which created the popular NFT Bored Ape Yacht Club, has earned about $285 million by selling land in the metaverse, which is in development. The online auction took place on 30 April.

The company sold 55,000 NFTs named Otherdeeds. The cost of each was 305 ApeCoin. As Yuga Labs representatives reported on their Twitter account, they were all sold out. Thus, the startup earned 16.775 million ApeCoins valued at about $285 million.

It is noteworthy that NFTs offered for sale could only be bought in the digital currency associated with the project, launched in March. At the same time, there is no detailed information on the forthcoming distribution of funds. The participants of the auction were only informed that ApeCoin would be blocked within a year.

Yuga Labs announces the possibility of future exchange of purchased NFTs for land in the Bored Ape virtual world called Otherside. Currently, the metaverse is in development and the developers refuse to give any details about its structure. The launch date of the project is also kept secret. Only one thing is known about Otherside - it will be a multiplayer gaming environment.