The world is expanding, and DraftKings is expanding along with it. As NFTs continue to grow, these daily articles will serve as a hub for the latest news and notes in the space.
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.
Yuga Labs (the creator of Bored Apes) has raised $450 million & is now valued at $4 billion.— Joe Pompliano (@JoePompliano) March 22, 2022
Their 2021 financials are WILD.
Revenue: $138 million
Net Profit: $127 million (92% margins)
The company was founded just 14 months ago & only had 11 full-time employees in January
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