On the rise, Yuga Labs, the creator of the NFT Bored Ape Yacht Club (BAYC) collection, is now launching into the metaverse. Concretely, the group plans to launch a new game-focused metaverse this year. According to its forecasts, this space could allow it to triple its income each year.
One more Yuga Labs project for 2022
The Yuga Labs group has already carried out several projects this year. To start, it had added two new NFT collections to its ecosystem: CryptoPunks and Meebits. Then, he brought an additional utility to the latter. Now, it is announcing its goal of still offering a game-based metaverse this year. This new project called MetaRPG involves the launch of a new cryptocurrency and the sale of real estate in the metaverse.
It must be said that BAYC's sales exploded in 2021, to the point of reaching a market capitalization of more than $1 billion. Other than that, Yuga Labs made $127 million in net revenue last year. The company is also to receive around $5 billion in funding. Now she wants to expand the reach of Larva Labs to create a bigger NFT community. It also intends to diversify its income beyond the sale of BAYC.
Regarding this, Yuga Labs representatives said, " We want to build something that expands the universe of BAYC, but also invites the wider NFT community (and those who can't afford to join BAYC ) to join us. ".
The many features of the new metaverse
The MetaRPG will have a variety of features that will allow it to experience significant success. This new world will notably have a game and NFT application store .
MetaRPG users will be able to purchase NFT characters from said store. The system will also have a rich library of outfits and NFT game items . Apart from that, Yuga Labs plans to offer a cryptocurrency, the ApeCoin (APE), for the new gaming world. The token is going to be designed primarily to facilitate NFT purchases. However, the group plans to encourage " the sale and exchange " of this piece.
In addition, land sales will be done through MetaRPG. They will first take place during this month of March, then in August 2022. The Yuga Labs group has planned to distribute 200,000 plots (in the form of NFT) in total during these sales. He plans to collect $178 million for each of them, to reach up to $455 million in profits. This amount constitutes 3.5 times the net income of Yuga Labs in 2021.
Yuga Labs, creator of BAYC and owner of CryptoPunks and Meebits, decided to start a project called MetaRPG. The latter is a gaming-focused metaverse with multiple features. He could triple the company's revenue in a year.