Yuga Labs, the company behind the highly anticipated Bored Ape Yacht Club NFT collection, intends to earn hundreds of millions of dollars by selling virtual plots of land.
According to a report, Yuga made a clean $127 million in net revenue last year, which it expects to increase to $455 million by 2022, mostly from earnings from virtual land sales. The deck, which was last updated in February, was sent to investors as part of an ongoing fundraising campaign. According to a Financial Times article from last month, Yuga is aiming to attract more money at a value of up to $5 billion.
The company’s collection of cartoon primates has grown in popularity in the last year, due in part to high-profile purchases by celebrities like Serena Williams, Jimmy Fallon, and Snoop Dogg. BAYC NFTs have changed hands for more than $1 billion in total, including secondary market transactions.
Yuga now intends to extend its portfolio. The virtual land sales are the first stage of a metaverse endeavour aimed at diversifying income away from the sale of ape-based NFT photos.
“We aim to construct something that not only extends the BAYC’s world, but also encourages the greater NFT community (and those priced out of BAYC membership) to participate,” the business said in its presentation.