Yuga Labs of the Bored Ape Yacht Club has raised $285 million from its virtual land in the Metaverse

Yuga Labs of the Bored Ape Yacht Club has raised $285 million from its virtual land in the Metaverse ...

According to Reuters, Yuga Labs, the creators of the Bored Ape Yacht Club NFT collection, has raised roughly $285 million in cryptocurrency for "Otherdeeds" or virtual land in the metaverse experience called "Otherside."

There are only 10,000 unique NFTs of Bored Apes, as well as celebrities like Paris Hilton, Serena Williams, Diplo, Jimmy Fallon, Madonna, DJ Khaled, Tom Brady, and Shaquille ONeal. Prices can be astronomical, with some knicking for millions more. The Bored Apes have purchased a Rolling Stonemagazine, along with a physical art gallery space at NFT.NYC last fall.

All of the 55,000 Otherdeeds were sold out at a price of 305 ApeCoin apiece. According to Reuters, the sale was increased to 16,775,000 ApeCoin, or $285 million.

ApeCoins are the primary token for the BAYC ecosystem and the main currency required in Otherside. Right now, the token has a maximum supply of 1 billion ApeCoins, with around 28% in circulation. This week, it was listed on OpenSea, the most popular non-fungible token (NFT).

The company did not specify how the funds would be used, but stated that for one year, the tokens would be "locked up."

Yuga Labs raised $450 million during a funding round led by Andreessen Horowitz in March.

The tokens were developed by the ApeCoin DAO, which boasts of several key members at its core for the next six months, including FTX''s Amy Wu and Reddit co-founder Alexis Ohanian. Each year, ApeCoin holders will be entitled to vote for new members.

As a donation to give back to apes, the Jane Goodall Legacy Foundation will receive 1% of the ApeCoin supply.

Upon submitting a phishing link to its Instagram account, thieves were able to steal Bored Ape Yacht Club NFTs.

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