On March 22, YugaLabs the creator of top NFTs, the Bored Ape Yacht Club, announced it has brought $450 million up in funding for its planned joint ventures and partnerships, bringing the organization to a total valuation of US $4 billion.

The raise and valuation are possible the highest ever for a seed round. The seed round was driven by a16z crypto, venture firm Andreessen Horowitz's new asset. Additionally partaking in the round were Animoca Brands, The Sandbox, LionTree, Sound Ventures, Thrive Capital, FTX, Moon Pay, and others.

Established in2021, Yuga Labs offers a Web 3.0 platform making NFTs and related projects. Most popular for its making of Bored Ape Yacht Club, the organization additionally possesses a few other driving NFTs following its obtaining of crypto punks and Meebits on March 12.

Yuga Labs, through Bored Ape Yacht Club, is routinely being the most famous NFT creator. Be that as it may, Yuga Labs isn't halting at NFTs, with plans to create a metaverse project called Otherside.

The organization has not released many insights regarding Otherside other than a teaser that highlights Bored Ape Yacht Club and different characters in what the future held virtual world.

As indicated by The Verge, Yugo Labs is cooperating with a few game studies to rejuvenate Otherside. The metaverse won't be restricted to Bored Ape Yacht Club holders. The organization intends to make development tools that permit NFTs from different undertakings to work inside their reality.

“Already, a new economy is possible with the IP of Apes, Punks, and Meebits, owned by the community,” Nicole Muniz, chief executive officer of Yuga Labs, said in a statement. “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.”

Recently Yuga Labs additionally launched Apecoin, a token claimable by Bored Ape Yacht Club and Mutant Ape Yacht Club individuals. The cryptocurrency is tradable on trades including Coinbase Global Inc., FTX Digital Markets Ltd., Gemini Trust Company LLC, and eToro.

Before raising its first conventional investment, Yuga Labs had just fund-raised through the immediate sale of its NFTs and the giving of tokens.

Joyashree Dey

CBW - External Analyst

INDIA