• Bored Ape Yacht Club plans a media empire around NFTs
• Successful funding cycle
• Leaked presentation of Otherside: a metaverse that makes all the others obsolete
Yuga Labs’ funding round was one of the largest ever for an NFT company, according to The Verge, and was led by Andreessen Horowitz. Animoca Brands, Coinbase and MoonPay were also involved. Famous Web3 actor Horowitz previously funded OpenSea, Dapper Labs and Coinbase. Yuga Labs now wants to use the raised capital to launch its own fully decentralized and gamified metaverse.
A teaser video for the planned Otherside metaverse has gone viral on Twitter. What’s interesting is that the game that brings Otherside to life is not intended to be limited to BoredApe NFT owners, but rather to create development tools that integrate other NTFs into Otherside. Nicole Muniz, the new CEO of Yuga Labs, wants to launch Otherside as a massively multiplayer online role-playing game (MMORPG) that connects the entire NFT universe. This is also illustrated by the various NTFs in the teaser video.
– Yuga Labs (@yugalabs) March 19, 2022
In the leaked 90-page presentation from the company Yuga Labs, first found on Twitter, the introduction of a new metaverse is followed on page 35 of the presentation with the question “Anyone else think that the existing metaverses are not convincing?” announcement. He goes on to say that the idea isn’t new, but what the metaverse lacks is “purpose, real involvement, shared goals, connections, and important decisions. An interesting story to participate in.” . Otherside isn’t just a game, it’s a whole new economy, he says on page 61 of the newspaper.
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As OMR reports, Greg Solano, one of the founders of Yuga Labs, on the Discord server of the Bored Ape Yacht Club doubted the timeliness of the paper, whose status is given in February 2022 and that he did not have him -even never seen, but thus confirmed the authenticity at the same time.
A presale of land in Otherside could take place as early as April, writes Blockchainwelt, citing inside information. 70% should be freely available for sale, 30% reserved for BAYC and MAYC holders. It’s reasonable to assume that Otherside and The Sandbox might be related in some way, the magazine continues, as there are personnel overlaps between the ApeCoin Foundation and Animoca Brands.
Yuga Labs and ApeCoin
After acquiring Cryptopunks and Meebits, Yuga Labs has three of the main NFT collections that it can now leverage for its Metaverse. In addition, on March 17, the own independently managed cryptocurrency ApeCoin was introduced, which skyrocketed in the first days of trading and then went on a rapid roller coaster ride.
The company presentation above shows that Yuga Labs generated sales of US$137 million in 2021 – unconfirmed by the company – with a profit margin of 95%. So far, this immense revenue has only been matched by a relatively small user group and time-limited game development. The company has created a vibrant community and a cultural phenomenon, Chris Dixon of Andreessen Horowitz told The Verge, and now it’s making a big bet with its Metaverse project to be redeemed.