As Bloomberg News reported on Wednesday, March 23, the funding round was led by Andreessen Horowitz, with participation from Animoca Brands, its subsidiary The Sandbox, and cryptocurrency exchange FTX Trading Ltd.
The funding is part of BAYC’s plan to build a metaverse. The company is looking for a $5 billion valuation on the assumption that it can raise $455 million this year, primarily through the sale of plots of land in a gaming-focused virtual reality called MetaRPG.
Read more: Planet of the Bored Apes
Over the past year, BAYC has become one of the top NFT (non-fungible token) collections, amassing $1.4 billion in sales. Its creator became one of NFT’s biggest promoters, with Yuga striking a deal with Animoca to have the monkeys appear in a game.
Additionally, the company held exclusive events for people who purchase its digital monkeys, as fans began to use the digital image in a multitude of different places.
Yuga said he would use the funds to hire new members of his development team and for joint ventures and partnerships. The company recently purchased the intellectual property – along with many NFTs – of the CryptoPunks and Meebits collections from Larva Labs.
Additionally, Yuga says he could turn the collections into even bigger brands, with some of the monkeys appearing in games or on luxury goods.
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Last week, the owners of the NFT line each received 10,000 ApeCoins, the company’s new cryptocurrency. As PYMNTS noted earlier this week, the coin had a less than stellar launch, dropping from near $40 to under $6.50 within hours of its debut. But despite falling 75%, it still has a market capitalization of $10 billion, making it one of the top 50 cryptocurrencies.
BAYC’s NFTs, meanwhile, sell for a floor price of nearly $300,000, with a number of rare-featured Bored Apes selling in seven figures, with buyers including celebrities such as Eminem and Jimmy. fallon.