Yuga Labs, the developers of the “Bored Ape Yacht Club” series of NFTs, has secured US$450 million in investment and is valued at $4 billion. Andreessen Horowitz led the funding, which includes Animoca Brands, Coinbase, and Moonpay, among others. Yuga Labs has already begun to solidify its place in the NFT sector prior to this announcement. Larva Labs has sold CryptoPunks and Meebits to it.
This relocation effectively combined three of the most profitable NFT collections under one roof. Aside from owning these digital assets, Yuga Labs will have additional possibilities when developing their own game and metaverse with these new additions.
“The team behind Bored Ape Yacht Club aims to utilize the money to establish a media empire around NFTs, starting with games and its own metaverse project,” according to The Verge. Yuga Labs intends to launch its metaverse project, dubbed “Otherside,” with the goal of connecting to the larger NFT realm.
Wylie Aronow, co-founder of the Bored Ape Yacht Club, described the next universe as “an interoperable reality” that will be “gamified” and “totally decentralized.” Investors are interested in the company’s unique offering: where a community is formed when people are placed in positions where they must interact rather than simply being a venue for socialization.
— Yuga Labs (@yugalabs) March 19, 2022
As a result, Yuga Labs is developing a platform that may help people create friendships through the numerous interactions accessible. Work is already underway, and the corporation is progressively putting the system in place, such as by establishing ApeCoin, its own cryptocurrency, last week. The coin will be integrated into Yuga Labs’ “Otherside” metaverse.
As the world gets more familiar with the metaverse, there will be a greater demand for related material and products. It’s still unclear how the virtual world will interact with the actual world as an emerging platform. However, as more research and money are invested in this world, everyone expects that their efforts will pay off.