The creators of the Bored Ape Yacht Club raise $450 million to establish an NFT Ecosystem.
Is the year 2022 going to be the Year of the Apes? Yuga Labs, the makers of the wildly influential Bored Ape Yacht Club NFT project, have now announced the completion of a $450 million investment round, so it appears that way.
Silicon Valley investor Andreessen Horowitz (known in the NFT industry as a16z) spearheaded the funding round, which valued Yuga Labs at $4 billion. He previously helped fund NFT and web3 ventures such as OpenSea, Dapper Labs, Coinbase, and others. Yuga Labs intends to use the funds to extend its NFT business, which has recently grown rapidly.
Yuga has stunned the NFT space twice in March alone. Larva Labs sold the CryptoPunks and Meebits collections to the corporation on March 11 of this year. Yuga Labs became the owner of three of the most prominent (and expensive) NFT brands in history as a result of the move. They then announced the long-awaited debut of the ApeCoin coin.
See you on the Otherside in April. Powered by @apecoin pic.twitter.com/1cnSk1CjXS
— Yuga Labs (@yugalabs) March 19, 2022
Yuga is now rumoured to be working on a media empire built exclusively on NFTs, beginning with games and its own metaverse project. And it appears that some of the industry’s most powerful brands are on board, as game company Animoca Brands, as well as cryptocurrency exchanges Coinbase and MoonPay, participated in the recent investment round.
According to The Verge, Yuga is already working on a metaverse project called Otherside, which will be a massively multiplayer online role-playing game (MMORPG) that will connect the NFT universe as a whole. According to recent Yuga Labs Twitter posts, the upcoming game would have an interoperable universe that contains popular NFT collections such as Cool Cats, World of Women, CrypToadz, and more.
Given that the various projects that make up the Bored Ape ecosystem have reached costs that are out of reach for the vast majority of NFT aficionados, it will be fascinating to see how Yuga plans to use the funds raised from this round to onboard new members into the ever-expanding BAYC cosmos.
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