The NFT conversation will always be incomplete without mentioning the Bored Ape Yacht Club NFTs and their explosive success, which is now moving into the metaverse.
The NFTs displaying images of primates wearing eccentric outfits and expressions became extremely popular during 2021. It is now firmly one of the top NFT projects of all time.
Now the BAYC team is set to expand their existing project by venturing into the metaverse. After launching its ApeCoin token, let's take a look at what's in store with the BAYC Metaverse.
Bored Ape Yacht Club Metaverse
According to a pitch deck obtained by The Block, the BAYC DAO team will venture into the metaverse through the sale of virtual land plots. Each plot will comprise distinctive features in terms of resources, artifacts, and rare characters.
The team will reportedly sell 200,000 plots of land. These will be distributed across two sales, conducted in March and August.
The team hopes to raise $178 million from each sale. Yuga Labs is also working on a racing game with Animoca Brands, which will be involved in the launch.
Yuga Labs is also working on a blockchain game called MetaRPG which will be compatible with "the host of NFTs." The game will facilitate a house feature allowing users to create characters from the NFTs they own, or develop NFTs from scratch.
Yuga Labs has now released ApeCoin, their governance token which is said to power the BAYC ecosystem. According to The Verge, the token's initial use will be as an in-game currency token. The token will be supported by several games starting from March including Benji Bananas and another untitled game.
We have also seen reports of a larger timeline of the BAYC metaverse project. which has been confirmed by the BAYC team and the project called "The Otherside" is all set to launch on April 30, 2022.