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Proud creator of the Bored Ape Yacht Club NFT series, Yuga Labs is gearing up to secure $5 billion in strategic funding from Silicon Valley-based tech venture capital firm Andreessen Horowitz (A16z). Investors are reportedly working to seal a deal with the acclaimed non-fungible token firm as the latter continues to tighten its grip on the global industry. In recent years, strong support for NFTs by global investors has encouraged companies to expand their business operations into new regions, investors and clusters.
According to the Financial Times, Yuga Labs looks forward to pooling funds from potential investors for the multi-million dollar portion of the company. Interestingly, if the transaction is locked between parties, it will be the first institutional investment accepted by the Yuga Labs team. The terms of the agreement have not yet been finalized, and the parties have the right to cancel negotiations so far underway. The news has not been confirmed by A16z and Yuga Labs.
The digital collectibles company is gaining momentum in the fast-growing NFT space by offering users an unprecedented combination of popular NFT collectibles. boring ape yacht club The (BAYC) collection from Yuga Labs has managed to maintain its top spot among established brands NFT market.
The BAYC series is currently the second most popular product on OpenSea, the world’s leading NFT channel. It recorded a total transaction volume of up to 380,821 ETH, which is equivalent to $1 billion. The project currently has a floor price of 99 ETH or $263,839. During the February launch, the tokens cost investors just $300 to mint Ape. Top celebrities like Justin Bieber and Paris Hilton have embraced owning Apes.
Investment firm A16z has a strong crypto portfolio including 41 companies including OpenSea, Autograph and Cryptokitties. Aside from Yuga Labs’ pseudonymous parent company, the teams are well-known in the industry. A16z plans to expand its cluster by raising $4.5B in funding, which will help put it in a stronger position in crypto investment firm circles.
The NFT space has grown significantly over the past 12 months. On OpenSea, transaction volume has soared from $20,000 per day to over $5 billion today in 12 months. Recently launched NFT marketplaces, such as Tom Brandy’s Autograph for artists and athletes, saw A16z invest $170 million in a recently organized funding round.
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