Yuga Labs, the firm that owns three of the most popular NFT brands, revealed that it had secured $450 million in fundraising at a $4 billion value.
This money will be used to create a media empire centered on NFTs, beginning with games and a metaverse project of their own.
Otherside is the name of this company’s metaverse project, which aims to integrate its massively multiplayer role-playing game into the larger NFT world.
In a major attempt to consolidate the NFT industry, Yuga Labs just acquired CryptoPunks and Meebits from Larva Labs in a massive buyout.
Three of the most profitable NFT collections were brought together under one roof, giving Yuga Labs more IP to draw from while it developed its game and metaverse ambitions. Last week, ApeCoin, a cryptocurrency created by Yuga Labs, was released as the principal currency for the company’s assets.
Bored Ape Yacht Club
This collection of 10,000 ape profile images, known as the Bored Ape Yacht Club, became renowned as an NFT collection.
The cheapest Bored Ape currently available on the NFT marketplace OpenSea costs $300,000, up from around $200 per unit in April.
Like BAYC or CryptoPunks, CyberKongz, and World of Women, these collections have taken on the status symbol status.
The crypto-equivalent of putting on a Rolex before a big meeting is using a bored ape as your profile photo. It’s become a household name in the offline world as well.
“Otherside” Metaverse
According to CEO Nicole Muniz, Yuga Labs is working with “a few different gaming developers” to bring Otherside to reality. NFTs from other projects will be able to interact with Bored Ape’s universe, and the company hopes to provide development tools that will enable this to happen.
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