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HomeCrypto NewsBored Ape Yacht club raises $450 Million to build an NFT metaverse

Bored Ape Yacht club raises $450 Million to build an NFT metaverse

Yuga Labs is the owner of three of NFT’s most popular brands. The company announced today that it has raised $450 millions in funding at a valuation of $4 billion. Bored Ape Yacht Club’s team plans to use the funds to create a media empire around NFTs. They will start with games and their own metaverse project.

Otherside is the team’s metaverse project. It is described as an MMORPG that connects to the wider NFT universe. Wylie Aronow, cofounder of Bored Ape Yacht Club and a pseudonym Gordon Goner, says they hope to create an interoperable world that is “gamified”, “completely decentralized” and “gamified”. “We believe that the real Ready Player One experience is player-run.”

This announcement comes only weeks after Yuga Labs acquired CryptoPunks from Larva Labs and Meebits form Larva Labs. This acquisition brought together three of the most profitable NFT collections under one roof, and Yuga Labs now has a wider range of IP from which to draw when creating its game and metaverse plans. ApeCoin was also launched by the company last week. The token will be independently managed and used as the primary currency for Yuga Labs properties.

Yuga Labs has partnered with “a few different studios” in order to bring Otherside to life. CEO Nicole Muniz said. Bored Ape owners won’t be the only ones who can play the game. The company also plans to develop tools that will allow NFTs from other projects access to their worlds. “We are opening the doors to what is effectively a walled garden, and saying ‘Everybody’s invited.

Metaverse projects are very popular right now. You can see Facebook changing its name to Meta. But Yuga Labs believes that other companies are wrongly approaching metaverse ideas, which gives the startup an opportunity to stand out. Greg Solano, co-founder of Yuga Labs, who goes under the pseudonym Gargamel, said that people won’t bond if they spend time together in a virtual space without any activity. He says that people are more likely to bond when they are placed in situations where they need to work together.

Solano states, “Playing with people and making friends is the best way to make friends.” “Basically, we don’t believe deep social experience can be achieved from essentially a Zoom conversation and walking around saying hello.'” Yuga Labs declined a timeline for the release of Otherside. An additional play-to-earn-game is planned for later in the year.

Andreessen Horowitz led the funding round. This firm has been heavily investing in the Web3 space. It has previously supported OpenSea and Dapper Labs as well as Coinbase. The funding round also includes the crypto-firms Coinbase and MoonPay, as well as game studio Animoca Brands. Chris Lyons, an Andreessen Horowitz general partner, will be joining the Yuga Labs board. Financial Times first reported funding talks last month.

Chris Dixon, the head of Andreessen Horowitz’s crypto arm, told The Verge that Yuga Labs and other emerging [Web3], companies are an important counterweight for companies like Meta. “There is a dystopian future in which Meta is the dominant digital experience provider and all of that money and control goes towards that company. (Interestingly Marc Andreessen is also on Meta’s board and was an early investor in Facebook.

Yuga Labs is a financially strong company. According to a leaked pitch deck, the company made $137 millions last year, primarily through taking a cut from transactions related to its NFT brands. This led to an astonishing 95 percent profit margin. (Yuga Labs declined comment to the deck.

The company has not built much to this point. Its NFT collections have 40,000 users at most, according to OpenSea’s data, and the company has only released one game for a limited period of time. Yuga Labs will be given hundreds of millions to start a gaming company, or at the very least, a Web3-ified 2022 version, from scratch. This is in addition to a highly lucrative art project.

Investors are looking for this success when they fund Yuga Labs. Dixon says, “They created this very energized community” and the culture phenomenon. The company is making the same big wager that many others are now, that some metaverse project format will be the next great thing. They just need to make it.

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Henry Hicks
Henry Hickshttps://nonfungibletalk.com
NFT and Crypto Enthusiast. Loves Travelling and Exploring the Metaverse!
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