Bored Apes creators are taking on Mark Zuckerberg's meta

Yuga Labs launched the Bored Ape Yacht Club (BAYC) NFT Collection in April 2021. This was barely a year ago. However, the company has seen tremendous growth in such a short span of time. And he is putting it lightly.

Bored Ape Yacht Club is the world’s most valuable NFT collection. If you take all the NFTs in the collection and sell them, you can earn over 1.09 million ETH. That’s about $3 billion dollars (at the time of writing). As such, it’s not really surprising that a leaked pitch deck showed Era Labs generated $137 million in net revenue in 2021.

For 2022, they set their target Very higher. Ultimately, the company aims to bring in nearly half a billion dollars in revenue, setting its target at a very healthy $455 million. But how can a company possibly expect to achieve so much when, just a year ago, they effectively didn’t exist?

Taking the meta of Mark Zuckerberg and dominating the metaverse.

setting sail for a new land

Just a few days ago, Era Labs raised a staggering $450 million to build a Metaverse ecosystem around NFTs. The funding was led by venture capital firm Andreessen Horowitz. In an interview with The Verge, Chris Dixon, who leads the crypto branch of Andreessen Horowitz, spoke about Era Labs’ plan to take on the meta. “There is a dystopian future where Meta is the leading digital experience provider like this, and all the money and control goes to that company,” he said.

Yug Labs’ comprehensive Metaverse initiative will begin with Virtual Real Estate.

Their upcoming virtual world is called “The Otherside”. The team bills it as an MMORPG (Massively Multiplayer Online Role-playing Game) that is tied to the NFT ecosystem and much more. In this regard, The Otherside is more than just a virtual world. It is a metaverse. “We want to create something that expands the universe of BAYC, but also invites the larger NFT community (and those priced out of BAYC membership) to join in,” the company explained in its leaked deck.

Yug Labs plans to launch this initiative by selling virtual land as NFTs. These will be linked to plots in the Otherside Metaverse game. In each case, the plots will come with distinctive traits such as unique natural resources, artifacts, and rare characters. In the deck, the team notes that 200,000 plots will be distributed in two sales in March and August.

From these two sales alone, the company estimates they will make $356 million dollars.

There will also be an in-game app store that Yuga Labs plans to use to increase revenue and expand its reach in the metaverse. Individuals will be able to use the system to create characters from the NFTs they own. They will also be able to access these characters using NFTs.

The Long Gone Apcoin Is Here

Yuga Labs has also built an extensive media empire around the BAYC NFT series. They recently launched their much-hyped appcoin, which is called the $ape token. This will be their primary token for all their products and services.

Introducing ApeCoin ($APE), a token for culture, gaming and commerce used to power a decentralized community building at the forefront of Web3. I

— apcoin (@apecoin) 16 March 2022

Notably, Era Labs launched this token in coordination with several other major players, although the company has a large voting share when it comes to the governance of Apcoin. Yuga Labs also receives a significant portion of the money earned from the coin.

These partnerships are vitally important, as will the partners. as well Use tokens in your projects. For example, Animoca Brands, one of the world’s largest blockchain game developers, announced that it will allow users to purchase NFTs in their play-to-earn (P2E) games, called Benji Bananas, using Apecoin. is called. More games and projects will make similar announcements in the coming months, enabling Yuga Labs to expand its reach even further.

Nevertheless, although Apcoin will be used as an in-game currency, the token will likely be more influential as a general-purpose digital currency. ApeCoin will be listed on exchanges such as Coinbase, Voyager Digital, Binance, Gemini, and eToro. The team plans to use a portion of the money it raises to create merchandise and events, which (of course) only increase their revenue and brand loyalty.

According to Statista, Meta generated approximately $115.66 billion in revenue in 2021 through its family of apps. Their most notable apps (Facebook, Instagram, Messenger and WhatsApp) dominate both the social media and communication ecosystem.

In the present day, Yug Labs can’t really compare to him. But remember, it’s only been about a year since then. And they have already started consolidating by acquiring their competitors. This year, he bought both Cryptopunks and Meebits from Larva Labs. While it’s too early to predict who will ultimately control the Metaverse, there’s good reason to suspect that Era Labs at least has a fighting chance.

It remains to be seen whether he will be a just and just ruler.

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