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NFT News: Bored Ape Yacht Club Creator Raises $450 Million for Metaverse Project

Jeff Pratt breaks down Yuga Labs raising $450 million in funding to create an NFT universe called Otherside.

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Bored Ape Yacht Club Creator Raises $450 Million for Metaverse Project

Yuga Labs has done it again.

The creator of the dominant NFT collection Bored Ape Yacht Club announced that it has raised a $450 million seed round from venture capital firm Andreessen Horowitz at a $4 billion valuation earlier today.

The company plans to utilize the money in its latest metaverse campaign, a virtual universe called “Otherside”. This universe will be a completely decentralized MMORPG (massively multiplayer online role-playing game) while also reportedly featuring a variety of avatars from other projects.

This news comes just weeks after Yuga Labs purchased the rights to CryptoPunks and Meebits, two of the most prominent collections in the NFT industry. The company also recently announced its plans to launch ApeCoin ($APE), a “token for culture, gaming and commerce used to empower a decentralized community building at the forefront of web3.”

With each additional expansion plan, Yuga Labs continues to solidify its stranglehold on the metaverse.


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