Bored Ape Yacht Club Secures $450 Million for their Metaverse Initiative
Bored Apes are continuing to dominate the NFT landscape. Following the launch of ApeCoin, their official cryptocurrency, the project garnered $450 million to set the stage for their metaverse venture known as ‘Otherside’. This significant financing was spearheaded by the distinguished American venture capital firm, Andreessen Horowitz.
The investment round attracted a range of major tech and finance firms, including Animoca Brands, MoonPay, LionTree, Sound Ventures, Thrive Capital, and FTX Trading. Among the notable individual investors were celebrities like Snoop Dogg, Gunna, Timbaland, Shaquille O’Neal, and Steve Aoki.
'Otherside intends to construct a universe where various NFTs—like CryptoPunks, Cool Cats, World of Women, and both Bored and Mutant Apes—can coexist and engage within a shared environment.
“A vibrant new economy is already forming through the intellectual property of Apes, Punks, and Meebits that belong to the community. The potential for blockchain technology to influence culture is limitless, and we are creating an immersive, interconnected space for people to discover and enjoy. There’s much more to reveal,” said Nicole Muniz, the CEO of Yuga Labs.
According to Bloomberg Yuga Labs has plans to utilize the funds to broaden its development team and foster collaborations and partnerships.
Post-funding, Yuga Labs is projected to have a valuation of $4 billion.
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