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.
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