The creators of the Bored Ape Yacht Club (BAYC), Yuga Labs, has announced that it has raised $450M in funding at a valuation of $4B, Yuga Labs has stated that they plan to use the money to build their newest metaverse venture named “Otherside”.
According to Yuga Labs’ pitch deck, the company described that their metaverse gaming world will be an MMORPG (Massively Multiplayer Online Role-Playing Game).
Yuga Labs have been making headlines lately, they acquired Cryptopunks and Meebits, then shortly after, Yuga Labs teased a Bored Ape Yacht Club 3D metaverse named “Otherside”. Sales of NFTs in 2021 have reached $2.47B in 2021.
What Is The “Otherside” Metaverse Going To Feature?
The metaverse trailer for the “Otherside” featured the following NFT projects and collections: Yuga Labs’ Mutant Ape Yacht Club, Cool Cats, Yuga Labs’ CryptoPunks, CrypToadz, Yuga Labs’ Meebits, Nouns, and World of Women. Yuga Labs’ Bored Ape Yacht Club launched their own cryptocurrency and token named “ApeCoin” which quickly rose to a $15B valuation in under a few days, which was higher than The Sandbox, Polygon, Aave.
Chris Dixon, the general partner of Andreessen Horowitz (The guy who invested in OpenSea, Dapper Labs, and Coinbase, led the round) will be having a seat on Yuga Labs’ board of directors. Major companies helped participated in the funding. Among them are Coinbase, Moonpay and Animoca Brands.
To me, Yuga Labs, combined with these other emerging [Web3] companies, is an important counterweight to companies like Meta. There’s a dystopian future where Meta is this kind of dominant digital experience provider, and all the money and control goes to that company.Chris Dixon (Read Paragraph Above)
About Yuga Labs
Yuga Labs are the founders of Bored Ape Yacht Club (BAYC), the world’s most popular NFT collection, they are a collection of 10,000, unique cartoon NFTs (Non-Fungible-Tokens) on the Ethereum (ETH) blockchain, BAYC has made their own token named ApeCoin which now is at a $15B valuation.
BAYC has a floor price of over 100 Ethereum (ETH) which is worth around $300,000 USD. Yuga Labs has recently acquired Cryptopunks and Meebits.