NFT creator Yuga Labs raises $450M, bringing company valuation to $4B

Yuga Labs, the creators of Bored Ape Yacht Club (BAYC) and caller owners of the CryptoPunks and Meebits brands, announced it is present valued astatine $4 cardinal aft its latest $450 cardinal effect backing round. VC steadfast Andreessen Horowitz, oregon a16z, led the company's archetypal organization investment, marking 1 of the largest effect rounds for immoderate nonfungible token (NFT) postulation to date.

Other investors included Animoca Brands, FTX and MoonPay, arsenic good arsenic LionTree, Sound Ventures and Thrive Capital. The institution plans to usage the funds to standard its team, pull much creative, engineering and operations talent, arsenic good arsenic for aboriginal associated ventures and partnerships.

To observe the occasion, Chris Lyons, a wide spouse astatine Andreessen Horowitz, loaned his Bored Ape to a16z, which uploaded it arsenic the firm's caller illustration representation connected Twitter. Lyons tweeted that helium volition beryllium joining the committee of Yuga Labs to assistance "define the aboriginal of civilization and innovation." 

Big acknowledgment to @ChrisLyons for loaning america his Ape today. We can’t hold to spot what’s adjacent for the @BoredApeYC, Punks, Meebits, and the @yugalabs team.

— a16z (@a16z) March 22, 2022

Nicole Muniz, CEO of Yuga Labs, besides stated that "there's a batch to come" fixed the "new economy" of Apes, Punks, and Meebits Intellectual Property, oregon IP. Yuga Labs precocious bought the IP of CryptoPunks and Meebits from Larva Labs and plans to give afloat commercialized rights to NFT holders.

Cointelegraph first reported astir the expected deal past period erstwhile the Financial Times revealed that Yuga Labs was seeking backing for a multi-million dollar stake. While the institution whitethorn person confirmed its effect circular concern connected Tuesday, Yuga Labs teased a caller metaverse task called Otherside on March 18. 

See you connected the Otherside successful April. Powered by @apecoin pic.twitter.com/1cnSk1CjXS

— Yuga Labs (@yugalabs) March 19, 2022

The announcement of the Otherside metaverse followed the trading debut of their upcoming marketplace's new cryptocurrency token called ApeCoin. The asset, which was developed and launched by the ApeCoin decentralized autonomous organization, oregon DAO, experienced chaotic volatility successful its archetypal fewer hours astatine marketplace and even affected the mean terms of the BAYC, Mutant Ape Yacht Club and Bored Ape Kennel Club collections.