Andreessen Horowitz, the tech VC of Silicon Valley, has been eyeing an investment stint in Bored Ape Yacht Club creator Yuga Labs. The investment has been reported to a valuation of $5 billion. According to sources from the Financial Times, it has been reported that Yuga Labs has been seeking major funding for a multi-million dollar piece of this company. If the deal ended up being secured, it would definitely mark this the first institutional investment Yuga Labs has gone through as its popular NFT collection has been rendered into one of the biggest in the entire industry.
Bored Ape Looking at a massive Investment Spree
As of now, Bored Apt is the second-most traded NFT collection on the OpenSea marketplace, with close to 380,81 ETH in total traded volume. At its launch in February, the users had to fork out around $300 to mint an Ape. The collection now has a floor price of 99 ETH- which is around $263,839.
Quite a few celebrities such as Paris Hilton, and Justin Bieber have already revealed their own Apes. It is quite interesting to note that Yuga Labs entered the current year with just 11 full-time employees on its staff. However, the company went on to state that it always had the ambition of being a community-owned brand.
It shouldn’t be a big surprise for many to note that A16z was involved in massive investment discussions with the creator of Bored Ape. The crypto portfolio of this investment firm includes around 41 different companies like OpenSea, Cryptokitties, and Autograph. Both of the core teams for these projects are known publicly- unlike the pseudonymous team that usually leads Yuga Labs.
With the success of Bored Ape, quite a few NFT platforms on several blockchains have been designing their niche content to come up on the various marketplaces that have cropped up over the last few years.