How Yuga Labs hopes to get to the metaverse first with Otherside

Yuga Labs has managed to sell $1 billion worth of non-fungible tokens (NFTs) to virtual land prospectors, known as Voyagers, who have purchased tokenized land plots in the Otherside virtual world. And in July, the company gave 4,500 Voyagers access to the “first trip” for its Otherside metaverse.

In March, Miami-based Yuga Labs raised $450 million at a valuation of $4 billion. It did so because it has created one of the most popular new NFT brands in the form of The Bored Ape Yacht Club, but like other NFT companies it needs to give owners some utility for their NFTs, which use the digital ledger of blockchain to authenticate unique digital items. And getting them access to the first trip was part of the reward for the Voyagers.