With the investment, Yuga Labs will be bringing developers, creative artists, and engineers to work on the recently announced Otherside metaverse project. According to Guy Oseary, who is a Partner at Yuga Labs, the recent funding will allow the company to “bring in new partners with strategic thinking that share the vision.”
The funding round, putting Yuga Labs at $4 billion in value, was led by Andreessen Horowitz’s, or a16z’s, crypto VC firm, and supported by other large companies in the blockchain industry including Animoca Brands, FTX, MoonPay, Sound Ventures, LionTree, and Thrive Capital.
General Partner at a16z’s crypto venture fund Chris Lyons spoke on the investment into Yuga Labs, stating:
“Mainstream adoption in web3 is accelerating at lightning speed, and Yuga is at the forefront of merging culture and innovation for everyone to enter the metaverse.
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The NFT mania kicked off last year as the technology gripped the music industry.
“Already, a new economy is possible with the IP of Apes, Punks, and Meebits, owned by the community,” says Yuga Labs CEO Nicole Muniz.
“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.
Go and check out Nouns, Yearn.Finance, Ethereum, or Bitcoin if you’re still not convinced.
Disclosure: At the time of writing, the author of this piece owned ETH and several other cryptocurrencies. They also had exposure to YFI and UNI in a cryptocurrency index.
Share this articleDisclaimerRead MoreRead Less
The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc.
makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice.
MoonPay facilitated ape buys for the likes of Fallon and Post Malone; the payments company also organized a Bored Ape scavenger hunt with Yuga Labs at Art Basel Miami last year.
Even when apes were trading at around 12 Ethereum, Instagram superstars with big followings and no prior interest in NFTs were buying in. Sorry if this sounds blunt, but you’d be naive to think all of this happened because they alljust lovedthe cartoon monkey images.
As much as Bored Apes have become the Internet’s hottest status symbol, it wasn’t that way a few months ago (hint: companies often employ business development people who are paid to get the rich and famous to make their products popular).
Most crypto people won’t be aware of this, but Yuga Labs also has a dedicated PR team (Crypto Briefinghas received their pitches in the past).
Key Takeaways Yuga Labs has raised $450 million at a $4 billion valuation in a funding round led by Andreessen Horowitz. The creators of the Bored Ape Yacht Club will use the money partly to build its MMORPG, Otherside.
Yuga Labs recently acquired the CryptoPunks and Meebits NFT collections from Larva Labs. Share this article
Yuga Labs, the company behind the Bored Ape Yacht Club, has reached a $4 billion valuation via a $450 million raise that was led by the venture firm Andreessen Horowitz.
Rumors about Yuga Labs’ potential raise have proven to be true.
Per a Verge report, the team behind the blue-chip Bored Ape Yacht Club and Mutant Ape Yacht Club NFT collections, Yuga Labs, has raised $450 million at a $4 billion valuation.
Metaverse, and rather than joining an existing one, they decided to create their own in partnership with Animoca that sounds like they’ll be powering the gaming side of the experience.
Shortly after the launch of ApeCoin, Yuga Labs teased a metaverse platform called Otherside.
Details are scarce, and there is no definite release date for the project, but Bored Ape Yacht Club’s co-founder Wylie Aronow, who goes by the pseudonym Gordon Goner, told the Verge that he imagines a multiplayer role-playing game and “an interoperable world” that will be “player-run.” (Fortune)
Right now we don’t know a ton about the Otherside but there are a few rumors circling around which this tweet sums up pretty well ⬇️
There are tons of tweets like this, all a bit different, but they seem to general agree that everything with be in $APE, which would be a big deal.
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.
- READ MORE: Maven Global Releases Utility NFT Art Collection
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.
We don’t think deep social experience comes from essentially a Zoom chat and walking around saying ‘hi.’”
Yuga Labs, Bored Ape Yacht Club NFTs and Metaverse Market
Yuga Labs is competing with the likes of Meta Platforms Inc (NASDAQ: FB) on the Metaverse market. Nevertheless, the company believes it is a just course to ensure a competitive healthy market.
“To me, Yuga Labs, combined with these other emergings [Web3] companies, is an important counterweight to companies like Meta,” Chris Dixon, who leads Andreessen Horowitz’s crypto arm, tells The Verge.
“There’s a dystopian future where Meta is this kind of dominant digital experience provider, and all of the money and control goes to that company.”
The NFT market has significantly grown over the past two years.
The hack was disclosed on Twitter by BAYC just before 10AM ET on Monday morning. “There is no mint going on today,” the Tweet read. “It looks like BAYC Instagram was hacked.”
There is no mint going on today. It looks like BAYC Instagram was hacked. Do not mint anything, click links, or link your wallet to anything.
— Bored Ape Yacht Club (@BoredApeYC) April 25, 2022
Another tweet from a user unaffiliated with the project claimed to show the image that had been posted from the BAYC account, promoting an “airdrop” — essentially a free token giveaway — for any users who connected their MetaMask wallets.
Unfortunately, BAYC’s warning came too late for a number of holders of the extremely expensive Bored Ape NFTs, along with many other valuable NFTs stolen in the hack.
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.
- READ MORE: Top 5 Most Expensive NFTs in 2021
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”.