Yuga Labs, the entity behind one of the most popular non-fungible token (NFT) collections, Bored Ape Yacht Club, is reportedly negotiating funding talks with Andreessen Horowitz that could potentially add value to the startup up to $5 billion.

  • According to FinancialTimes report on Thursday (February 3, 2022), anonymous people familiar with the matter revealed that the creators of BAYC were looking to sell a multi-million dollar stake to investors.
  • The unknown sources said leading venture capital firm Andreessen Horowitz (a16z) is among the companies that may be involved in the funding round.
  • However, neither Yuga Labs nor a16z have made any official comments on this. 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 conditions could still change and any discussion could not result in an agreement.
  • 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 in 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 CryptoPotatothe company has raised $9 billion to continue pumping money into the fledgling industry.
SPECIAL OFFER (Sponsored)

Binance Free $100 (Exclusive): Use this link to sign up and receive $100 free and 10% off Binance Futures fees for the first month (terms).

PrimeXBT Special Offer: Use this link to sign up and enter code POTATO50 to receive up to $7,000 on your deposits.