You probably know who "Yuga Labs" is if you're involved in the NFT industry. After starting in 2021, the firm created a name for itself by purchasing and subsequently creating the largest NFT projects in history, the Bored Ape Yacht Club (BAYC) and Mutant Ape Yacht Club (MAYC). With a current market cap of roughly $4 billion, Yuga Labs has seen over $2.4 billion in sales from its BAYC NFTs and over $1 billion from its Otherdeed NFTs for the Otherside Metaverse.
Source: Yuga Labs
What this means is that Yuga Labs is a very powerful and influential company, having links to basically all the major corporations in the crypto and NFT sectors.
Protos claimed to have discovered leaked papers showing that Yuga Labs planned to raise roughly $50 million via the sale of 100,000 land plots, and this set off a flurry of speculation.
As the story spread over the web, Garga.eth took to Twitter on September 16 to debunk it as false news. According to Yuga Labs co-founder Greg (Garga.eth), there are no plans to release a new NFT collection called "Mecha Apes" before the end of the year, contrary to what was previously reported:
Despite the debunking, the possibility of another NFT project from Yuga Labs in the future is not out of the question, considering the company's track record of success with each of its previous endeavors and the ambitious plans it has laid out for its Metaverse.
Yuga Labs' long-term goal in Otherside is to build an interconnected Metaverse ecosystem that serves as a meeting place for users, a playground for them to learn about blockchain technology and NFTs, and a marketplace where they can buy and sell these assets.
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