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Bored Apes creator Yuga Labs raises $450 million, valued at $4 billion By BTC Peers

by Mike Robinson

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Yuga Labs, creator of Bored Apes, raises $450 Million. It is valued at $4 Billion

Yuga Labs (creators of Bored Ape Yacht Club NFT) closed a $450 Million funding round earlier this week.

The Verge reported that the company was valued at $4 billion. Andreessen Horowitz led the funding round, which also included participation by Animoca Brands (NASDAQ:), FTX and MoonPay.

The new capital will be used to build Yuga’s new NFT metaverse project ‘Otherside,’ scale its team, and support joint ventures and partnerships.

Yuga Labs actively expands its NFT footprint. Recently, the company purchased CryptoPunks intellectual property rights and Meebits. It now owns two of the most well-known collections in NFT. Furthermore, Yuga Labs released the trailer to an upcoming metaverse project, a gaming-focused virtual world dubbed “Otherside.” It also released a standalone cryptocurrency called ApeCoin last week.

Greg Solano (a Yuga Labs cofounder) is certain that the game will outperform other metaverse project, which are less competitive. He stated:

You only play with people and make friends because you’re getting your ass kicked. Basically, we don’t think deep social experience comes from essentially a Zoom chat and walking around saying ‘hi.’

Surprised to find that Vitalik Buterin, the founder of NFTs has voiced his disgust at the frenzy despite all the excitement surrounding them. Buterin spoke to TIME Magazine during an interview.

It would be better for Ethereum to offend people than it become something that is nothing […]It is dangerous to have 3 million monkeys. This can lead to a completely different type of gambling.

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