Bored Apes NFT startup Yuga Labs raises seed spherical at monster $4B valuation • TechCrunch

Yuga Labs, maker of the multimillion greenback monkey JPEGs that loads of NFT skeptics like to hate, simply raised a $450 million spherical from Andreessen Horowitz at a $4 billion valuation, the corporate introduced Tuesday.

The Miami-based NFT agency behind Bored Apes Yacht Membership has not beforehand raised funding, although the startup has lengthy been courting consideration from VCs desirous to again a significant participant within the NFT craze. Different traders within the spherical embrace Animoca Manufacturers, LionTree, Sound Ventures, Thrive Capital, FTX and MoonPay.

Yuga Labs is more and more doubling down on its place. Earlier this month, the startup introduced it had acquired the property of common NFT tasks CryptoPunks and Meebits from Larva Labs. The startup can be contemporary off the launch of ApeCoin, which the startup’s founders and executives have a considerable stake in. The token gathered a multibillion greenback market cap on its first day of buying and selling. The startup is quickly seeking to construct this momentum into its personal model of the metaverse known as “Otherside,” which can even combine avatars from a variety of different NFT tasks.

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