An insider into Ape’s colossal metaverse goals
Bored Ape Yacht Club, a top NFT collectible brand’s developer Yuga Lab has been on a roll lately. Just days after acquiring the pioneering NFT collection CryptoPunks, A DAO linked with the company created a much-hyped coin called ApeCoin, which Yuga Labs followed up with a teaser for their upcoming metaverse game, Otherside. We’re breaking down the recent news about Yuga Labs’ multibillion-dollar business as the creators of the leading NFT collection prepare the public for their metaverse intentions.
- Debuting on 16th March, ApeCoin’s price zooms high around $40 to as low as $6.48, slowly climbing to $11. Holders of Bored Ape Yacht Club and Mutant Ape Yacht Club NFTs received 10,000 APE for each BAYC NFT they possessed, a payout worth a solid six figures even at the $11 valuation. For some, the token may have fetched a far greater long-term value since it is essential to Yuga Labs’ future ambitions, including games, merchandise, and in-person events.
- ApeCoin is “owned and operated” by ApeCoin DAO, which will allow ApeCoin holders to vote on suggestions for the cryptocurrency’s future. The DAO “board” comprises Alexis Ohanian, Reddit’s founder; Amy Wu, FTX Ventures leader; and co-founder of blockchain gaming Animoca Brand, Yat Siu. The distribution is as follows: Yuga Labs – 15%, its founders – 8%, “launch contributors” – 14%, primatologist Jane Goodall’s foundation owns 1%. At the same time, DAO is open to all ApeCoin holders, and the ApeCoin community receives 62% of the total supply.
- A new metaverse game called Otherside, which was promised in a video over the weekend is one of the first ApeCoin-powered efforts Yuga Labs has announced. NFTs from Yuga’s collections — Mutant Ape Yacht Club, CryptoPunks, and Meebits — as well as those from other popular collections such as Cool Cats, World of Women, and CrypToadz — meet The Ape. (For many NFT proponents, “interoperability” — the ability to bring your favorite avatar into a variety of environments — is something of a holy grail.)
Yuga Labs made another significant announcement on Tuesday: a massive financing round valued at $4 billion, with $450 million in additional capital coming from Andreesen Horowitz. Yuga is stepping in its efforts to become a dominating media brand in the metaverse now that funding has been secured. BAYC co-founder Wylie Aronow (also known as Gordon Goner) defined Otherside to the Verge as “an interoperable world” that is “gamified” and “totally decentralized.” In other words, he stated, “We believe that the players will drive the actual Ready Player One experience.”