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    Home » News » Metaverse » As Otherside Land Value Drops, Yuga Labs Faces Giant Tax Obligation

    As Otherside Land Value Drops, Yuga Labs Faces Giant Tax Obligation

    By Ross WardropJune 12, 2022Updated:February 1, 20232 Mins Read

    Due to the clear value drops in Otherside land, Yuga Labs will now be subject to a giant tax obligation and owes the IRS a lot of money. This obligation is related to the original sale being at much higher prices.

    otherside land
    The Otherside Land price reduction may see Yuga Labs hit with a huge tax bill.

    Yuga Labs Tax Obligation

    @NateAlexNFT reported on Twitter that Yuga Labs, the creators of Bored Ape Yacht Club, Otherside land, and the $APE coin are down $200 million on $APE.

    This has led to Twitter debating on what they do and don’t owe to the IRS.

    One user put forward a scenario that sees Yuga Labs owe the IRS hundreds of millions: “$APE goes to $6 over the next 7 months. Yuga owes the IRS all the $APE they own from the land sale that brought in $300m originally.”

    A user responded with “That’s if they are based out of USA. The Otherside is registered in a tax haven”. If this is the case, then Yuga Labs will avoid US tax rates. To clarify, a tax haven is a country or independent area where taxes are levied at a low rate.

    Otherside Land

    Otherside is Yuga Labs’ answer to metaverse-based land. They released 55,000 Otherside land plots, bringing the total mint value to over $300 million. It is a new metaverse featuring a blend of technology from web3-based virtual spaces.

    After the original trailer launch on March 19th, fans of the Bored Ape Yacht Club NFT collection were extremely hyped. However, since then, the price of $APE has dropped massively from its lofty all-time highs.

    The mint price was 305 ApeCoin, worth about $5,800 at the time of mint. The mint was a record-setting one at the time.

    Pre-mint, users were provided with tens or hundreds of thousands worth of  APECoin. Some sold too early before a big peak, some too late after it went down a bit, and some still remain holding their reduced coin value.

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    All investment/financial opinions expressed by NFTevening.com are not recommendations.

    This article is educational material.

    As always, make your own research prior to making any kind of investment.

    blue chip nftsBored Ape Yacht ClubNFT taxOthersideYuga Labs
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    Ross Wardrop
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    A multimedia journalist and social media manager based out of Glasgow, Scotland. Massive interest in sports, specifically basketball and football.

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