The company behind one of the largest and most well-known non-fungible token collections could be valued at $5 billion in a new funding round, according to a report.
What Happened: Yuga Labs is in financing talks with Andreessen Horowitz valuing the company at $5 billion, according to the Financial Times.
Yuga Labs is the parent company to Bored Ape Yacht Club and has launched Bored Ape Kennel Club and Mutant Ape Yacht Club NFT collections.
The stake from Andreessen Horowitz would be in the “multimillion-dollar” range according to the report.
Bored Ape Yacht Club is a collection of 10,000 NFTs that launched in April 2021 with a mint price of 0.08 Ethereum (CRYPTO: ETH). The collection sold out in a day and quickly gained attention on social media.
Related Link: Celebrities That Own Bored Ape Yacht Club NFTs
Why It’s Important: Bored Ape Yacht Club is one of the best-known NFT projects and has seen an influx of celebrities and athletes buying Apes and changing their profile pictures on Twitter Inc (NYSE:TWTR) and Instagram, a Meta Platforms Inc (NASDAQ:FB) company.
The strong usage of the Apes as a profile picture and a status symbol has increased interest and coverage of the project.
Yuga Labs has been praised by many in the community for offering a large number of rewards to holders. Owners of Bored Ape NFTs have been rewarded with airdrops of Bored Ape Kennel Club and Mutant Serum to create Mutant Ape Yacht Club NFTs.
Holders of Bored Apes also have gotten to go to several exclusive events including a yacht party and concert in New York and have an exclusive Discord server.
Bored Ape Yacht Club could see increased exposure with Super Bowl LVI halftime performers Eminem and Snoop Dogg and Los Angeles Rams player Von Miller all owning Ape NFTs.
Yuga Labs signed a talent representation deal with Guy Oseary in 2021 that could lead to monetization opportunities.
The floor price on Bored Apes is 99 ETH at the time of writing, down after hitting 100 ETH last weekend and seeing new highs around 118 ETH earlier in the week.
