Yuga Labs, the creators of the Bored Ape Yacht Club NFT collection, has raised approximately $285 million worth of cryptocurrency for "Otherdeeds," or virtual land in the metaverse experience called "Otherside," according to Reuters.
There are only 10,000 unique NFTs of Bored Apes, and celebrities like Paris Hilton, Serena Williams, Diplo, Jimmy Fallon, Madonna, DJ Khaled, Tom Brady, Mark Cuban, and Shaquille O’Neal have scooped up their own simian NFT. Prices can be astronomical, averaging more than $200,000, and some fetching for millions more. The Bored Apes have landed a Rolling Stone magazine, along with a physical art gallery space at NFT.NYC last fall.
All of the 55,000 Otherdeeds were sold out at a price of 305 ApeCoin apiece. According to Reuters, the sale converted to 16,775,000 ApeCoin, or approximately $285 million.
ApeCoins are the primary token for the BAYC ecosystem and the main currency required in Otherside. Right now, the token has a maximum supply of 1 billion ApeCoins, with around 28% in circulation. The crypto was announced in March and this week saw itself listed on the popular non-fungible token (NFT) marketplace OpenSea for the first time.
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The company did not specify how the funds would be used but said that for one year, the tokens were going to be "locked up."
In March, Yuga Labs raised $450 million during a funding round, which was led by Andreessen Horowitz.
The tokens were developed by the ApeCoin DAO, which boasts several prominent members at its helm for the next six months, including FTX's Amy Wu and Reddit co-founder Alexis Ohanian. Each year, ApeCoin holders will be entitled to vote for new members.
The Jane Goodall Legacy Foundation will receive 1% of the ApeCoin supply as a donation to give back to apes.
Recently, thieves were able to steal Bored Ape Yacht Club NFTs when they posted a phishing link on its Instagram account.