Tech Updates

That Bored Apes company got a $4B valuation. Now they’re promising a metaverse

It’s been a blockbuster month for Yuga Labs, the owner of the Bored Apes Yacht Club (BAYC) NFTs.

First, it acquired two other popular NFT projects: Crypto Punks and Meebits. Second, it announced the listing of the ApeCoin token on leading exchanges.

And last, but not least, the company raised $450 million from marquee investors like a16z crypto, web3 gaming company Animoca Brands, and FTX cryptocurrency exchange. Now, it’s valued at over $4 billion.

With this latest funding the firm has announced its metaverse plans — as one does in web3. Now that Yuga Labs has popularity and money, it needs to deliver on these projects and differentiate itself from the rest of the pack.

Before we talk about its roadmap, let’s have a quick refresher on BAYC.

What the hell even is a Bored Ape Yacht Club?

Yuga Labs’ marquee product, BAYC, a collection of digital ape avatars, has generated the most hype in the web3 world. There are a multitude of famous owners, with musicians like Snoop Dogg, Timbaland, and Diplo; Hollywood celebs like Gwyneth Paltrow and Paris Hilton; and athletes like Neymar, Serena Williams, and Steph Curry all owning some of the, uh, art.

The project launched in April 2021, selling each piece for 0.08 ether ($190). While all original 10,000 apes have been sold, the resale of these NFTs generates millions per month. Earlier this year, BAYC passed $1 billion in total sales.