The Bored Ape Yacht Club is reportedly in talks with investment fund Andreessen Horowitz on a funding round that could value it at $5 billion.
The Bored Ape Yacht Club digital collectibles, a collection of 10,000 unique algorithmically generated cartoon images, have been salvaged by Gwenyth Paltrow, Jimmy Fallon and this week Justin Bieber paid 500 ETH ($965,000) for one of the highly prized non-fungible tokens (NFTs).
Yuga Labs, the company behind the project, is keen to sell a multi-million dollar stake in the venture which is attracting interest from venture capital heavyweights according to the FT. The company could be valued between $4 billion and $5 billion, according to a report.
Terms could still change and talks won’t necessarily result in a deal, people familiar with the matter told the FT.
The deal would mark the first institutional investment in Yuga Labs, led by founders Gordon Goner, Emperor Tomato Ketchup, No Sass and Gargamel, who set up the Bored Ape project just over a year ago.
Andreessen Horowitz was an early investor in Facebook, Twitter, Airbnb and Stripe. He has invested heavily in crypto ventures, recently unveiling plans for a $4.5 billion crypto fund.
Last year, the NFT art market exploded into a multi-billion dollar international industry, with around $40 billion pouring into the space. At present, the market is still plagued by technical issues with Opensea, the world’s largest NFT market, facing reports of stolen monkeys and listing bugs which saw assets sold off to their former counterparts. listing price, below market value.
The current floor price for a Bored Ape NFT on Opensea is £186,000.
Read more: Elon Musk hits out at Twitter over NFT profile pictures