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    Metaverse

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

    By Ross WardropJune 12, 20222 Mins Read
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    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.

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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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