Ape Yacht club’s parent company, Yuga Labs, is now valued at $4 billion after a recent seed round funding.
This comes after Yuga Lab’s recent acquisition of the intellectual property of CryptoPunk and Meebits NFT collections from Larva Labs.
Yuga Labs has also teased the release of a metaverse project; the Otherside, which the ApeCoin DAO will likely back
Yuga Labs achieved a close of $450 million in its recently concluded seed funding round. The seed round included major players and investors and brings the company valuation up to about $4 billion. Companies such as MoonPay, investment firms such as Sound Ventures, as well as the game software and VC company, Animoca Brands were in participation.
The round was led by the VC firm AH Capital Management, LLC (Andreessen Horowitz).
Yuga Labs makes moves to expand the Yugaverse
Greg Solano, Wylie Aronow, and the anonymous No Sass, and Emperor Tomato Ketchup created Yuga labs. Thus far, the company has evolved farther from its starting point. This was in April 2021, with the launch of the Bored Ape Yacht club (BAYC) NFT collection.
With the recent acquisition, the BAYC company now possesses the brands, copyright of the art, and other intellectual property rights for the CryptoPunk and Meebits collections. The BAYC is notable for drawing influences from the CryptoPunks collection.
CryptoPunk, MAYC, and BAYC owners will now share similar commercial rights while keeping to the Yugaverse ethos. “Fans and players are creators and owners in the game of web3 where everyone can be team players on one team.”
The Bored Ape yacht club and CryptoPunk NFT collection remain the top two best-selling NFT collections with combined sales over the past week totaling about $45 million. At the moment, BAYC NFTs trading volume has reached a total of more than $1 billion.
APE coin to get you to ape into “Otherside” Metaverse
Asides from being notable for the release of the Bored Ape Yacht club collection, Yuga Labs is now more popular because of the release of its ApeCoin. $APE listed on Binance a week ago, and traded for as high as $28. It currently trades at $13.61.
The ApeCoin will back the APE ecosystem and facilitate transactions associated with products and services from Yuga Labs. This will include the Otherside, a new Metaverse project.
The ApeCoin DAO, a decentralized governing body consisting of council members also manages to dissociate itself from the parent company. Contrary to certain expectations, the APE foundation and not the BAYC parent company will spearhead the ApeCoin DAO. Council members of the ApeCoin DAO include Alexis Ohanian, Dean Steinbeck, Maaria Bajwa, FTX’s Amy Wu, and Yat Siu.