Bored Ape NFT Creators Reportedly Seeking Investment Deal With a16z
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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