Home » The creators of the Bored Ape Yacht Club (BAYC) raise $450 million

The creators of the Bored Ape Yacht Club (BAYC) raise $450 million

by Patricia

Yuga Labs, the company that brings together the creators of the non-fungible token collection Bored Ape Yacht Club (BAYC), continues to grow. This week, it announced a new round of financing, in the amount of 450 million dollars. This brings the company’s valuation to $4 billion.

New fundraising for the creators of the Bored Ape Yacht Club

Yuga Labs is the company behind the Bored Ape Yacht Club non-fungible token (NFT) project, and recently announced the acquisition of the CryptoPunks, and Meebits projects. These three brands – among the largest in the industry – have given the company a strong foothold and demonstrated its considerable ambition.

The company announces that this new round of funding will allow it to develop the metaverse centred around the Bored Ape Yacht club and other NFT collections. All this will be based on the new cryptocurrency proposed by Yuga Labs: the ApeCoin (APE).

Two keywords are put forward by the company: interoperability and decentralisation. Yuga Labs wants the community to have a real role to play. This is at least what Wylie Aronow, a co-founder of BAYC, explained: “

“We think the Ready Player One experience will be player-driven. “

The metaverse has been dubbed Otherside, and is expected to be available to users from April next year:

Yuga Labs opens to new users

The metaverse will not be limited to NFT Bored Ape owners, and Yuga Labs has tapped into several studios to provide a complete experience for future players. Yuga Labs CEO Nicole Muniz also confirms that the goal is to open up the brand to everyone:

“We’re opening the door to a garden that was effectively closed until now, and we’re saying, ‘Everyone’s welcome.’

This is of course a change of direction for BAYC, whose NFTs are reserved for the biggest wallets, with prices often reaching record highs. In any case, Yuga Labs has been ramping things up in recent months: its acquisition of large NFT projects, the issuance of its own cryptocurrency, and its ambitions for the metaverse are all signs that the company intends to tackle a very broad field.

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