Following it’s recent launch of Apecoin, Yuga Labs, the company that owns the three of the biggest NFT brands on the market at the moment, has raised $450 million in funding at a $4 billion valuation, the company announced today.
The team behind Bored Ape Yacht Club plans to use the money to build a media empire around NFTs, starting with games and its own metaverse project.null
According to The Verge report, The team describes its metaverse project, called Otherside, as an MMORPG meant to connect the broader NFT universe. 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.”
The announcement comes just weeks after Yuga Labs made a major move to consolidate the NFT space, acquiring CryptoPunks and Meebits from Larva Labs. The acquisition put three of the most lucrative NFT collections under one roof — and gave Yuga Labs a bigger roster of IP to pull from when crafting its game and metaverse plans. The company also launched a cryptocurrency, ApeCoin, last week; the token will be governed independently and used as the primary currency in Yuga Labs’ properties.
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