Yuga Labs, the company that launched the popular NFT collection Bored Ape Yacht Club, plans to sell virtual lands and run its own token.
A presentation obtained by The Block reports that the NFT project Bored Ape Yacht Club will launch the metaverse in 2022, through which it plans to boost its annual revenue. According to the document, Yuga Labs, the studio behind the NFT collection Bored Ape Yacht Club, generated $127 million in net revenue last year. That figure is projected to reach $455 million in 2022 — mostly from proceeds from land sales in the metaverse.
In addition, Yuga Labs has rolled out a currency called APECoin (APE), part of the virtual world. The token will be used to purchase in Yuga’s upcoming app store. The company also said it would encourage “trading and bartering.” The token listing has already been announced by the largest cryptocurrency exchange by trading volume, Binance.