The parent company behind the Bored Ape Yacht Club NFT collection has secured almost half a billion in the latest seeding round.
Investments in metaverse initiatives and non-fungible token projects have soared over the past several months, with the NFT market being valued at approximately $41 billion at the end of 2021.
Based on the official press release by Yuga Labs, the NFT platform has announced the closing of a recent funding round of $450 million for its metaverse development.
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With the investment, Yuga Labs will be bringing developers, creative artists, and engineers to work on the recently announced Otherside metaverse project. According to Guy Oseary, who is a Partner at Yuga Labs, the recent funding will allow the company to "bring in new partners with strategic thinking that share the vision."
The funding round, putting Yuga Labs at $4 billion in value, was led by Andreessen Horowitz’s, or a16z’s, crypto VC firm, and supported by other large companies in the blockchain industry including Animoca Brands, FTX, MoonPay, Sound Ventures, LionTree, and Thrive Capital.
General Partner at a16z’s crypto venture fund Chris Lyons spoke on the investment into Yuga Labs, stating:
"Mainstream adoption in web3 is accelerating at lightning speed, and Yuga is at the forefront of merging culture and innovation for everyone to enter the metaverse. We’re thrilled to invest in this brilliant team and their vision, and help forge the next frontier of community-owned entertainment."
Likewise, CEO of Yuga Labs Nicole Muniz chimed in by highlighting the intellectual property that NFT owners get, and, with the integration of digital assets into the metaverse, she hopes that the Yuga Labs team can build an "interoperable world for people to explore and play in."
