clock menu more-arrow no yes mobile

Filed under:

NFT News: Bored Ape Yacht Club Creator Raises $450 Million for Metaverse Project

Jeff Pratt breaks down Yuga Labs raising $450 million in funding to create an NFT universe called Otherside.

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.

In case you are new to the Metaverse, check out my quick breakdown on what NFTs are and how they work. For those looking to get in the game, read my article on how to set up a MetaMask wallet.

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.

Follow the NFT Drops DK Social account here for updates on upcoming, live and past drops.

Join the DraftKings Marketplace conversation on DK Social.

The DraftKings Marketplace is currently only available in the United States and Canada.

You must be 18+* located in any of the 50 US states or Canada to buy and sell NFTs on DraftKings Marketplace.

*Must be 19+ in Alabama and Nebraska.

*Must be 21+ in Iowa, Louisiana and Massachusetts.

Additional requirements for accessing:

You must have a verified DraftKings account.

You must agree to our DraftKings Marketplace Terms of Use and DraftKings Marketplace Privacy Policy before transacting on DraftKings Marketplace.

For more details and FAQs, please reference our About page or help center with FAQs!