Bored Ape’s Yuga Labs Raised US$450M in Funding at US$4B Valuation
With the fresh funds raised, the startup is looking to build its own metaverse called “Otherside”.
Yuga Labs, the creators of the “Bored Ape Yacht Club” series of NFTs, has raised US$450 million in funding and the startup is valued at US$4 billion. Andreessen Horowitz led the fundraising and included gaming studio Animoca Brands, crypto firms Coinbase and Moonpay, and others.
Before this announcement, Yuga Labs had already started consolidating its position within the NFT world. It has acquired CryptoPunks and Meebits from Larva Labs. This move essentially placed three of the most lucrative NFT collections under one roof. Aside from owning these digital assets, these new additions will enable Yuga Labs more options when creating their own game and metaverse.
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According to The Verge, “The team behind Bored Ape Yacht Club plans to use the money to build a media empire around NFTs, starting with games and its own metaverse project.” Yuga Labs is planning to create its metaverse project, and the team has named it “Otherside”, which aims to connect to the broader NFT universe.
Wylie Aronow, co-founder of Bored Ape Yacht Club, describes the forthcoming universe as “an interoperable world” that is “gamified” and “completely decentralised”. Investors are keen on this unique proposition offered by the company: where a community is born when people are put into positions where they have to collaborate rather than just being a space for socialisation.
Hence, Yuga Labs is working towards curating a platform that can foster bonds through the various interactions available. Works are already in place and the company is gradually building up the system, such as launching its own cryptocurrency, ApeCoin, last week. Yuga Labs will incorporate the token into its “Otherside” metaverse.
As the world slowly becomes more acquainted with the metaverse, the demand for related content and products will become more apparent. As an emerging platform, it remains to be seen how the virtual world will alter and intersect with the real world. But as more research and money are poured into this world, everyone hopes their investments are worthwhile.
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