The owners of Bored Ape Yacht Club (BAYC), Yuga Labs, have, through a seeding phase, raised $450 million to expand the company’s metaverse venture.
It was previously reported that Yuga Labs had partnered with Animoca Brands in preparation for its move into the Metaverse. It was revealed that the duo were working on a project to develop a metaverse house for various NFTs.
The objective is about to be achieved with the latest funding of $450 million, which is expected to set the stage for the move.
The seed funding round was headed by Andreesen Horowitz, which is expected to increase to $4 billion subject to meeting part of the original deal. Investors who were part of the recent seeding round include the likes of FTX, Thrive Capital, Animoca Brands, Lion Tree, and Sound Ventures.
Yuga Labs Set For The Metaverse
Yuga Labs has envisioned the company as a leading player in the Metaverse once all parts of the move are connected, and the move is set. According to the BAYC founder, the new project is named the “Otherside” to show that it is different and unique from other metaverse inventions. It will feature a collection of numerous NFTs that are not present in other metaverses.
News of the upcoming metaverse project first came out via a teaser video on Twitter posted by Yuga Labs. ApeCoin, a governance token for the metaverse ecosystem, was also launched on March 17.
Analysts believe that going by the determination of the Yuga Labs team; the company will become dominant in the soon-to-be-launched Metaverse, as they are already well known and being early adopters of the innovation will play to their advantage.
The Journey As It Unfolds
From the inception of this breathtaking project, Yuga Labs has been anticipating the outcome of its plans as it put all the necessary things in place for a smooth take-off.
Yuga Labs also acquired CryptoPunks to consolidate its metaverse dream. As part of the deal, the company owns about 420 CryptoPunks in part of the deal with Larva Labs, the creators of CryptoPunks.
Among the biggest decisions is the creation of ApeCoin to serve as a governance token in the metaverse space. Days after its launch, the APE token became an internet sensation, raising nearly $1.98 billion in market capitalization. It was also a feature of the top 100 performing cryptos in the world.
NFT and the Metaverse: A Powerful Innovation
Last year saw the breakthrough of the NFT space as the world of digital assets was shocked beyond comprehension following the rapid rise of NFTs. From a trading volume of $200 million in 2020 to ending the year with over $23 billion, the rise is, without doubt, meteoric.
The Metaverse, on the other hand, has been making the headlines with investments to the tune of billions of dollars. There have been collaborations between metaverse platforms and businesses looking to venture into the virtual ecosystem.
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