Yuga Labs, the company behind the widely popular Bored Ape Yacht Club (BAYC) NFT collection, dismissed a Tuesday report from The Block containing a leaked pitch deck that outlined the company’s upcoming plans.
What Happened: The deck obtained by The Block was last updated in February and reportedly contained sales projections, information about Yuga’s new metaverse initiative, and a planned token sale.
According to it, Yuga Labs projected its revenue to reach $455 million in 2022, primarily driven by its new product offering – virtual land sales.
That will reportedly be the first phase of the company’s metaverse initiative as the company seeks to diversify away from selling cartoon ape NFTs.
See Also: https://www.benzinga.com/money/celebrities-that-own-bored-ape-yacht-club-nfts/
Yuga Labs co-founder CryptoGarga responded to the leak on the community’s Discord channel.
From @CryptoGarga himself.
— hotlneblng.eth👑 (@hotlneblng_) March 15, 2022
Don't believe everything you see. 👀 pic.twitter.com/854bmW8dVF
“That’s an old, outdated pitch deck and hilariously a version that neither Gordon nor I ever saw,” he said, referring to Yuga Labs’ other co-founder GordonGoner.
“There are a lot of things in there that have already changed, and plenty more things that will change because f*ck doing expected things.”
Why It Matters: As per the document, the metaverse will be a gaming-focused virtual world titled “MetaRPG” where 200,000 plots of land will be on sale. The virtual world will also have its crypto token dubbed “APECoin.”
The leaked pitch deck is believed to have been circulated to investors as Yuga Labs looks to raise funds. Last month, Benzinga reported that the company was in talks with Andreessen Horowitz to raise funds at a $5 billion valuation.
Several celebrities have purchased one of the 10,000 exclusive Ethereum (CRYPTO: ETH) based BAYC NFTs and showcased their digital collectibles through their profile pictures on Twitter Inc (NYSE: TWTR) and Meta Platforms Inc’s (NASDAQ: FB) Facebook.
Photo: Courtesy of BAYC
