The Block: Yuga Labs documents reveal plans to sell virtual land and issue APECoin

The media outlet The Block reported that Yuga Labs, the creator company of Bored Ape Yacht Club (BAYC), disclosed in documents provided to investors its expectation to raise hundreds of millions of dollars through the sale of virtual land.

The Block Obtains Document Details

• Yuga Labs had a net revenue of $127 million last year and is projected to reach $455 million in 2022, with growth coming from virtual land sales
• Yuga Labs plans to expand the BAYC universe and is inviting other NFT communities to join
• Planning to launch a game metaverse called "MetaRPG" that will be compatible with many NFTs
• Players can create characters based on owned NFTs or customize them within the game
• The in-game currency in this virtual world is APECoin, which can be traded and purchased within the game
• Virtual land will have unique attributes such as natural resources, artifacts, or rare characters
• In March and August 2022, 200,000 plots of land will be sold, with an expected fundraising of $178 million, and Yuga Labs will retain some land
• A racing game developed in collaboration with Animoca Brands and Yuga Labs is also set for release

The documents obtained by The Block have not been confirmed by Yuga Labs and Animoca. The game developed in collaboration with Animoca has opened KYC registration.