Firm Behind Bored Ape Yacht Club Valued at $4 Billion After The Latest Funding Round

Yuga Labs, the company behind the famous ape-themed NFT collection called Bored Ape Yacht Club (BAYC), has announced that they have been valued at $4 billion after the latest funding round had raised $450 million. The funding was led by the popular investment firm Andreessen Horowitz’s crypto wing, along with other notable brands such as the game developer Animoca Studio, Coinbase, and MoonPay, among others.

The USA-based Yuga Labs has not had a funding round so far, although prominent VC investors have been on the lookout for an event so that they can have a hand on one of the biggest NFT brands, which is projected to have a great future.

In other news, the firm has acquired the popular CryptoPunks and Meebits from Larva Labs, hence becoming the hub of the top three NFT collections in the current scenario. Also, it has launched its native cryptocurrency token called Apecoin and is in plans to create its own metaverse game called Otherside. All these advancements have been looked upon by the NFT community as a move to counter the tech giant Meta’s move into the metaverse, along with the firm’s plan to emerge as an actual company rather than a random Discord server.

NFTs or non-fungible tokens are unique digital assets created using blockchain technology that allows owners to prove ownership and authenticity of the particular item. They can be used for any application such as artworks, music, game assets, and even real estate. Bored Apes can often be seen as profile pictures on social media, particularly on Twitter.

If you have a similar plan of developing an NFT collection with multiple utilities and a strong story to back it up, start right now as the NFT wave could change soon. There are a few pioneer NFT development firms that can assist you with your new venture.

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