Yuga Labs hits $4 billion valuation

Bored Ape Yacht Club (BAYC) creator Yuga Labs, owner of the CryptoPunks and Meebits brands, has raised $450 million in its latest seed funding round, putting its value at $4 billion.

Yuga Labs hits $4 billion valuation

Bored Ape Yacht Club (BAYC) creator Yuga Labs, owner of the CryptoPunks and Meebits brands, has raised $450 million in its latest seed funding round, putting its value at $4 billion.

One of the largest seed rounds for the collection of nonfungible tokens (NFTs) was led by VC firm Andreessen Horowitz (a16z).

LionTree, Sound Ventures, Thrive Capital, Animoca Brands, FTX and MoonPay were also investors. In addition to scaling its team and attracting more engineering, operations, and creative talent, the funds will be used for future joint ventures and partnerships.

a16z, a firm at Andreessen Horowitz, has made a Bored Ape the new Twitter profile picture for the firm. Chris Lyons, a general partner at the company, loaned the photograph to a16z as a gift. Upon joining Yuga Labs, Lyons plans to assist with defining "the future of culture and innovation."

"Yuga Labs has fast become an entertainment, and web3 culture empire," said a16z crypto general partner Chris Lyons. "Yuga is at the forefront of merging technology and culture to allow everyone to access the metaverse, as mainstream adoption of web3 accelerated at lightning speed. Investing in this brilliant team and their vision will pave the way for community-owned entertainment in the future," he continued.

Nicola Muniz, CEO of Yuga Labs, pointed out that with the "new economy" of Apes, Punks, and Meebits Intellectual Property, or IP, "there is a lot to come." Yuga Labs recently purchased the IP of CryptoPunks and Meebits from Larva Labs and will grant full commercial rights to holders of NFT.

A new crypto token called ApeCoin was earlier announced alongside the announcement of the Otherside metaverse.

ApeCoin, developed by the ApeCoin decentralized autonomous organization, or DAO, experienced wild volatility during its first few hours on the market, affecting prices of collections like the Mutant Ape Yacht Club and Bored Ape Kennel Club.