Bored Apes NFT creator Yuga raises US$450m from Andreessen, Animoca

[PORTLAND] Yuga Labs, the creator of the Bored Apes Yacht Club collection of NFTs, said it has raised US$450 million in a funding round led by Andreessen Horowitz while it begins a metaverse project.

Other investors included Animoca Brands, it's subsidiary The Sandbox and the crypto exchange FTX Trading. Yuga said in a statement that the round values the firm at US$4 billion. Andreessen and Animoca have already emerged as big beneficiaries of a Bored Apes-related cryptocurrency, ApeCoin, which debuted last week.

Over the past year, BAYC has become one of the top NFT collections, with US$1.4 billion in lifetime sales, according to data tracker DappRadar. Meanwhile, Yuga has established itself as one of the top NFT marketers, striking a deal with Animoca to have the apes debut in a game and pulling together exclusive events for purchasers of its digital apes. Ape fans have been putting the digital images to use everywhere from their social-media profiles to a restaurant.

Yuga plans to use the funds to expand its development team and for joint ventures and partnerships. It recently bought the intellectual property - as well as numerous NFTs - of the CryptoPunks and Meebits collections from Larva Labs. Yuga may perhaps build the collections into even bigger brands, with some of the characters debuting in games or on luxury goods. BLOOMBERG