The Bored Ape Company Raises Around $285 Million Worth Of Crypto

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The company behind the NFTs series “Bored Ape,” Yuga Labs, collected cryptocurrencies worth about $285 million. The startup achieved the feat by selling tokens that represent land in a virtual world game.

In an online sale on April 30, Yuga Labs sold NFTs called “Otherdeeds.” The NFTs could be exchanged as plots of virtual land in a future Bored Ape-themed online environment called “Otherside.”

The “Otherdeeds” can only be purchased with the project’s associated cryptocurrency called ApeCoin.

Yuga Labs had 55,000 Otherdeeds for sale and cost 305 ApeCoin each. The company announced on Twitter that the NFTs were sold out.

This means that the sale brought in 16,775,000 ApeCoin, which on Sunday was worth about $285 million, based on ApeCoin’s price on the cryptocurrency exchange Coinbase.

The sale underscores the continued high demand for speculative, high-risk cryptoinvestments associated with online virtual worlds.

Yung Labs declined to say how many people worked on Otherside or when it would hit the market.

The sources for this piece include an article in Reuters.

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