The start-up behind Bored Ape Yacht Club, the non-fungible token collection of digital art snapped up for millions of dollars by celebrities and crypto-enthusiasts, has an ambitious new idea from which it has already made a fortune.
Miami-based Yuga Labs is creating a so-called metaverse — an expansive virtual playground where 3D avatars can mingle. The concept has become the latest obsession for Big Tech companies such as Facebook-parent Meta and Microsoft. Plots of virtual land in Yuga’s upcoming metaverse, which is called “Otherside”, recently sold for a total of $300mn.
The company reckons its vision is an “open” alternative to the platforms that Silicon Valley companies such as Apple and Meta have built. Yuga will allow owners of its Apes and other NFT characters such as Cool Cats or World of Women to interact and play games together, allowing anyone to share the virtual space.