Bored Ape Yacht Club creators Yuga labs reportedly have funding talks with Andreessen Horowitz. Andreessen Horowitz (a16z) is a venture capital company in Silicon Valley, California that backs visionary entrepreneurs shaping the future via technology.
Financial Times sources said that Yuga Labs is in negotiations about selling a multimillion-dollar interest with a16z among the corporations it is targeting, the Financial Times stated, quoting people with knowledge of the conversations. The funding would grant it a valuation as high as $5 billion.
Bored Ape Yacht Club NFT madness
BAYC is a collection of 10,000 Bored Ape NFTs, which are one-of-a-kind digital collectibles that exist on the Ethereum blockchain. Your Bored Ape also doubles as your Yacht Club membership card, allowing you to take advantage of unique member advantages.
Each Bored Ape is one-of-a-kind and unique, with over 170 features to pick from, including attitude, cap, outfit, and more. Although all apes are excellent, some are rarer than others.
Since its introduction in April 2021, BAYC has witnessed remarkable growth and development, especially among celebrities. Celebs like Kevin Hart, Justin Bieber, Jimmy Fallon, Post Malone, Snoop Dogg, Von Miller, Lil baby, The Chainsmokers, Steph Curry, Adam Draper, Mark Cuban, Shaquille O’Neal, and so on possess BAYC NFTs.
Andreessen Horowitz eyes crypto
The Financial Times notified that Andreessen Horowitz (a16z), who has invested substantially in the crypto business, is trying to raise $4.5 billion for new funds. The FT stated that the company informed investors it is aiming for $3.5 billion for a crypto startup fund, citing sources briefed on the conversations. That will eclipse the $2.2 billion it raised in June for its Crypto Fund III, at the time the industry’s most significant.
It has targeted another $1 billion for a fund that would invest in initial capital for digital asset enterprises, according to the FT. The new crypto fund would be the industry’s largest, exceeding Paradigm’s $2.5 billion raised in November.
With the growing madness of NFTs and metaverse, big companies are pooling their funds into crypto startups. Even though mixed feelings revolve around NFTs and their usability, people keep buying NFTs and make millions flipping them.