ApeCoin has jumped 28% in the past day to trade at $17 on speculation that the token will be used as payment in the Yuga Labs’ upcoming metaverse land airdrop.
Reports are circulating that Bored Ape Yacht Club owners and Mutant Ape Yacht Club NFTs may receive virtual lands on Yuga Lab’s metaverse.
The metaverse dubbed ‘Otherside’ will feature in MMORPG games where players can have their NFTs as native avatars or characters.
A new investor pitch deck reveals that the BAYC developer expects to make $178 million through virtual land sales, where APE will be used as the de-facto tokens for processing the purchases.
BAYC NFT owners claim that Yuga Labs will sell the Otherside virtual Lands through a Dutch auction, where the firm’s minimum bid is 600 APE, equivalent to $10,700 at the current price.