Bored Ape Start Up Plans Metaverse Project Including Virtual Land NFTs And APECoin Token

Yuga Labs, the company behind Bored Ape Yacht Club (BAYC), has announced its intentions to sell a large quantity of virtual land. The goal of the sales is to broaden the community and raise approximately US$178 million toward the progress of Yuga’s gaming-focused metaverse project, MetaRPG:

Yuga Labs is planning to have a 200,000 land sale to broaden their community, and bring in around $178M.
In addition to this, Yuga is planning to build a gaming-focused metaverse named MetaRPG that will be compatible with a host of NFTs.
Thoughts? 👀
— Loopify 🧙‍♂️ (@Loopifyyy) March 15, 2022

Big Plans for Bored Apes

Yuga Labs is predicted to generate net revenues of US$455 million in 2022, with the profits from virtual land sales likely to form a large part of this sum. In phase one of its metaverse initiative, Yuga intends to sell 200,000 plots over two sales, to take place this month and in August.

Moving into the metaverse will help Yuga Labs diversify its revenue streams and move away from BAYC NFTs. Yet not everyone in the Twitter community is convinced:

Not to be a Debbie downer, and YL have a better record than some, but there is a bad culture of promising the earth with this “metaverse” stuff and literally doing nothing after everyone buys into it.
TLDR – I’ll buy into the product when it exists.
— Shrimp (@spinnyMcLegsy) March 15, 2022

Despite the scepticism of its plans, Yuga has supplied onlookers with a name for the metaverse initiative alongside some basic information. The project is called MetaRPG and will be gaming-focused and compatible with a range of NFTs. An in-game app store will allow players to create characters via NFTs and use them in games.

It’s also worth noting that APECoin is the proposed token for Yuga Labs’ metaverse. The currency will be usable in the in-game store and will encourage bartering and trading among players.

At this very early stage, there are little to no details of how exactly users may be able to participate in Yuga Labs’ latest venture.

Bored Apes: Rights and Partnerships

The Bored Ape Yacht Club has always been a notable presence within the NFT and crypto community. However, the creative minds behind BAYC have been busy over the past year expanding its horizons. In late 2021, the project announced a partnership with Adidas to enter the metaverse after the sports apparel brand paid US$156,000 for a single Ape.

More recently, Yuga Labs acquired the rights to two other hit NFT collections – CryptoPunks and Meebits. The company purchased both the commercial rights and intellectual property rights and has plans to award full commercial rights to NFT holders.