Bored Ape Startup Plans Virtual Land Sales

Yuga Labs, the business behind the Bored Ape Yacht Club (BAYC) NFT collection, is hoping to raise hundreds of millions of dollars by selling off virtual plots of land. The company’s pitch includes Yuga’s planned token and a sweeping new metaverse initiative. The pitch had been circulated to investors as part of an ongoing fundraising process. The company hopes to raise fresh funds at a valuation of as much as $5 billion. Virtual land sales are the first phase of a metaverse initiative that aims to diversify revenue away from selling ape-based NFT images.

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