Bored Ape Yacht Club Creators Raised $450M for a Metaverse Project 

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Bored Apes continue overtaking the NFT space. Along with the launch of ApeCoin, the official token of the Bored Ape Yacht Club, the NFT project raised $450 million in funds to begin the metaverse project called ‘Otherside’. The fundraising was led by private American venture capital firm Andreessen Horowitz. 

The funding round included giant technology and investment companies, such as Animoca Brands, MoonPay, LionTree, Sound Ventures, Thrive Capital, and FTX Trading. Other investors include celebrities Snoop Dogg, Gunna, Timbaland, Shaquille O’Neal, and Steve Aoki.

Otherside aims to create a world where many different NFTs, such as CryptoPunks, Cool Cats, World of Women, Bored and Mutant Apes, could all interact in one space.

“Already, a new economy is possible with the IP of Apes, Punks, and Meebits, owned by the community. The possibilities for blockchain’s impact on culture are endless and so we are building a beautiful, interoperable world for people to explore and play in. There’s a lot to come,” said Nicole Muniz, the CEO of Yuga Labs.

According to Bloomberg, Yuga Labs plans to fund the expansion of its development team and use funds for joint ventures and partnerships.

After the funding round, the value of Yuga Labs is set to be $4 billion. 

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Agne Cimermanaite

Agne is a journalist and writer with a background in literature, culture, and arts. She entered the Web3 space in 2021 and began writing about cryptocurrency and NFTs. Agne is passionate about technology and storytelling and is always on the lookout for exciting stories.

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