The team behind the Bored Ape Yacht Club intends to enter the metaverse

Yuga Labs, the makers of the Bored Ape Yacht Club collection of NFTs, is organizing a fundraising event that will feature the selling of virtual property plots for hundreds of millions of dollars in income.

The team behind Bored Ape Yacht Club NFTs
Bored Ape Yacht Club NFTs | Image: Market Insider

The sale of the virtual plots of land is expected to bring in much to $455 million, which will go toward Yuga Labs' plans to expand beyond its well-known Bored Apes NFTs and into an all-encompassing and participatory metaverse called MetaRPG.

The MetaRPG gaming metaverse, once released, will be interoperable with a number of other NFTs and will be fueled by its own cryptocurrency, the APECoin token.

At the time of writing, no additional information on the token or whether it will be sold privately or publicly was available.

Yuga Labs is currently valued at between $4 billion and $5 billion, according to the Financial Times. Furthermore, the NFT company is said to be in talks with Andreessen Horowitz about raising money by selling a "multimillion-dollar interest in a fresh funding round."

Although neither Yuga Labs nor Andreessen Horowitz have commented on the topic, the possibility of a sale suggests institutional interest in the hype-filled NFT market.

It's also worth noting that Yuga Labs just purchased Larva Labs' intellectual property rights to CryptoPunks and Meebits NFTs.