Yuga Labs, the company that created the Bored Ape Yacht Club NFT collection, closed $450 million in a seed funding round that gives it a post-money valuation of $4 billion, the company announced. T…
, a cryptocurrency that Yuga says will be governed independently as a decentralized autonomous organization . Yuga’s Otherside will use the ApeCoin tokens.
“Already, a new economy is possible with the IP of Apes, Punks, and Meebits, owned by the community,” Yuga Labs CEO Nicole Muniz, who joined the company in September, 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.”
In October 2021, Guy Oseary — the music industry veteran and tech investor whose management clients include Madonna, U2 and Red Hot Chili Peppers —. “This capital will give Yuga speed to market on many things underway, and bring in new partners with strategic thinking that share the vision,” Oseary said in a statement.
With the funding, Chris Lyons, general partner at a16z crypto, will join Yuga Labs’ board. “Mainstream adoption in web3 is accelerating at lightning speed, and Yuga is at the forefront of merging culture and innovation for everyone to enter the metaverse,” Lyons said. “We’re thrilled to invest in this brilliant team and their vision, and help forge the next frontier of community-owned entertainment.
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