The company behind Bored Ape Yacht Club (BAYC) has raised $450 million in a funding round, putting its value at $4 billion and becoming one of the highest valued blockchain firms.
Yuga Labs raised the money in a funding round led by Andreessen Horowitz’s a16z. With an upcoming metaverse launch, the valuation could rise even higher.
The company said that the funds earned from the investment to build a metaverse called “Otherside,” which will involve ApeCoin and non-fungible tokens (NFTs). The company posted a teaser for Otherside last week, hinting that it would be released next month.
The company hopes to create “an interoperable world” that is “gamified” and “completely decentralized,” said BAYC founder Wylie Aronow, using the pseudonym Gordon Goner.
Backer used Bored Ape as profile picture to mark occasion
A16z changed its profile picture to a Bored Ape to mark the occasion. Other investors in the funding round include Animoca Brands, a major player in the metaverse space.
Yuga Labs is also the owner of CryptoPunks, another phenomenally successful NFT series, as well as Meebits.
To help develop Otherside, Yuga Labs will partner with game studios. Details are scarce, but it will not be long before NFT enthusiasts get more information on the development.
Yuga Labs is in a strong position to perform well in the metaverse market, which is estimated to be worth hundreds of billions in the near future. But several other companies, including Microsoft and Meta, are also pouring money into developing their own metaverses.
“Already, a new economy is possible with the IP of Apes, Punks, and Meebits, owned by the community,” Yuga Labs CEO Nicole Muniz said in a statement. “The possibilities for blockchain’s impact on culture are endless, and so we are building a beautiful, interoperable world for people to explore and play in. There’s a lot to come.”
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