Yuga Labs Raised $450 M From Andreessen Horowitz& Others To Build A Media Empire And Metaverse
The Bored ape Yacht Club’s parent company recently raised $450 Million USD at a $4 Billion USD valuation to build a media empire with games and an NFT Metaverse, according to the Verge.
On January 24th, the Bored Ape Gazette first reported that the BAYC’s parent company Yuga Labs was raising money at a $5 billion USD valuation. Nearly two months later, the BAYC founders confirmed that they raised the money and are working on an NFT Metaverse.
“The team describes its metaverse project, called Otherside, as an MMORPG meant to connect the broader NFT universe, Verge Reporter Jacob Kastrenakes wrote. “They hope to create “an interoperable world” that is “gamified” and “completely decentralized,” says Wylie Aronow, a co-founder of Bored Ape Yacht Club who goes by the pseudonym Gordon Goner. “We think the real Ready Player One experience will be player run.””
Shortly after the Verge’s article dropped, Venture Captial Firm Andreessen Horowitz confirmed that they were the leading the financing of Yuga Labs and changed its company Twitter Profile photo to Bored Ape #3592
Andreessen Horowitz’s ape, Bored Ape #3592 is a six-trait cream fur primate wearing a space suit, 3d glasses and smoking a cigar. Based on these traits, Bored Ape @3592 is the 3171st most rare ape, according to Rarity Tools. Andreessen Horowitz’s purchased the astronaut primate on August 23rd for 41 Eth, according to Opensea data.
Following the announcement, Andreessen Horowitz’s General Partner Chris Lyons took to Twitter to share his thoughts on Yuga Labs and the future of the BAYC.
“I am beyond excited to announce that @a16zcrypto is leading the financing of @yugalabs and I'm joining the board,” Lyons tweeted. “We look forward to helping the team continue to usher the next wave of creators and builders into web3 to define the future of culture and innovation. LFG! The @BoredApeYC was a turning point for the NFT space, flipping historic power dynamics by providing a full commercial license without a royalty to all holders. This generated a creative explosion of community-directed IP, catapulting the BAYC deep in the cultural zeitgeist. Yuga gave BAYC + MAYC (and now Punks / Meebit ) holders an unlimited, worldwide license to use, copy + monetize each NFT. IP rights paired with incentivized word-of-mouth distribution has made the BAYC community unstoppable. This innovation led to the creation of communities like @jenkinsthevalet and entertainment brands like @KygoMusic and @Timbaland–brand new creative using Yuga Labs original art. Yuga is using web3 to turn “The Industry” upside down and put creatives on top. BAYC has quickly become a web3 culture, gaming, and entertainment empire. And with the addition of @larvalabs Punks and Meebits, a new economy and creative universe is forming within the Yuga Labs ecosystem. The four visionary founders @CryptoGarga @GordonGoner @TomatoBAYC @SassBAYC plus @VStrangeYUGA captured lightning in a bottle with BAYC. We’re thrilled to invest in this brilliant team and their vision and help forge the next frontier of community-owned entertainment. Community engagement is off the charts, and they’re building a stellar team of designers, engineers, and operators to help bring their grand vision to life—Disney 3.0. None of the above should be taken as investment advice; please see http://a16z.com/disclosures for more information.”
This is a developing story. Stay tuned for continued coverage.