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

Share post:

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.

Featured Tech Jobs


Related articles

Canadian privacy czars release principles for responsible development of AI

The principles remind AI developers they have to follow Canadian data pr

Google’s Gemini update claims superior results and offers support for Pixel 8 Pro

Google introduction of Gemini, an advanced large language model (LLM) powering Google Bard and other products has gained...

Companies from around the world lead the charge against “deepfakes”

AI-generated deepfakes, initially seen as an entertaining novelty, are starting to raise concerns about their potential misues. These...

Generative AI increasingly used for threats to Canadian democracy: Report

Generative AI systems are increasingly being used by threat actors to influence elections around the world, including in Canada, says the latest report by Canada’s electronic spy agency on threats to this country’s democratic process. “We assess that AI synthetic content generation related to national elections will almost certainly increase in the next two years,

Become a member

New, Relevant Tech Stories. Our article selection is done by industry professionals. Our writers summarize them to give you the key takeaways