Yuga Labs, the entity behind one of the most popular non-fungible token (NFT) collections, Bored Ape Yacht Club, is reportedly negotiating financing talks with Andreessen Horowitz, which could potentially value the startup as high as $5 billion.
- According to the Financial Times report on Thursday (February 3, 2022), anonymous people familiar with the matter revealed that the BAYC creators are looking to sell a multi-million dollar stake to investors.
- The unknown sources stated that leading venture capital firm Andreessen Horowitz (a16z) is among the firms that could be involved in the funding round.
- However, neither Yuga Labs nor a16z has made any official comments on the matter. Meanwhile, the deal would bring the startup’s valuation to between $4 billion and $5 billion, according to the FT report.
- But sources with knowledge of the negotiations said, “the terms could still change, and any discussions might not lead to a deal.”
- Bored Ape Yacht Club is a collection of 10,000 unique Bored Ape NFTs, which are digital collectibles built on the Ethereum blockchain. It was launched by a group of anonymous developers and became the most expensive collection in terms of floor price as of January 2022.
- A contributing factor to BAYC’s popularity is the caliber of celebrities who hold such NFTs. Notable names include Tennis star Serena Williams, rap icon Eminem, and popular soccer player Neymar Jr.
- Andreessen Horowitz has also been involved in the cryptocurrency space, investing in several startups. As previously reported by CryptoPotato, the company raised $9 billion to continue injecting funds into the nascent industry.
Binance Free $100 (Exclusive): Use this link to register and receive $100 free and 10% off fees on Binance Futures first month (terms).
PrimeXBT Special Offer: Use this link to register & enter POTATO50 code to get 25% off trading fees.
- &
- 000
- 2022
- According
- AI
- among
- Billion
- binance
- blockchain
- border
- capital
- celebrities
- change
- club
- code
- collectibles
- collection
- comments
- company
- content
- continue
- could
- creators
- cryptocurrency
- deal
- developers
- digital
- digital collectibles
- Dollar
- ethereum
- Ethereum blockchain
- Exclusive
- Fees
- Firm
- First
- Free
- funding
- funds
- Futures
- Group
- High
- hold
- HTTPS
- ICON
- industry
- investing
- investment
- Investors
- involved
- IT
- January
- knowledge
- Labs
- lead
- leading
- looking
- Matter
- most
- Most Popular
- names
- negotiations
- NFT
- NFTs
- non-fungible
- non-fungible token
- offer
- official
- People
- player
- Popular
- price
- Rap
- Reading
- register
- report
- Revealed
- round
- Said
- sell
- Share
- Soccer
- Space
- Sponsored
- stake
- startup
- Startups
- Talks
- token
- Trading
- unique
- Valuation
- value
- venture
- venture capital
- WHO