Report: Andreessen Horowitz Seeks an Investment in Bored Ape Yacht Club
Two reports claim that the creators of the popular non-fungible token (NFT) project Bored Ape Yacht Club (BAYC) are in talks of raising funds from investors such as the venture capital firm Andreessen Horowitz. The alleged funding round is expected to be around $200 million, but sources further say “the deal is not yet closed.”
Bored Ape Yacht Club’s Yuga Labs in Talks of Raising $200 Million, Multiple Sources Say
According to the news outlet Axios, the Bored Ape Yacht Club (BAYC) creators have been in talks of raising funds from investors. Axios contributors Kia Kokalitcheva, and Dan Primack write that the investment firm Andreessen Horowitz “is in advanced talks to lead a large funding round for Yuga Labs.”
Yuga Labs created the BAYC NFT project alongside the associated NFT collections like Mutant Ape Yacht Club (MAYC). There are 10,000 NFTs, in the case of BAYC, and each ape has different properties.
At the time of writing, 6,296 unique addresses own at least one BAYC out of the 10,000, and the current floor price for the least expensive BAYC today is 90 ethereum (ETH) or $272K.
Out of 11,249 traders and 24,543 sales, the BAYC collection has seen $1.3 billion in all-time sales volume. The collection of 10,000 BAYCs alone, has an overall market capitalization of around $3 billion today, according to dappradar.com’s metrics.
While the floor price on Saturday, February 5, 2022, is $272K for the lowest BAYC, the average BAYC sale is $337,820 this weekend.
Bored Ape Club Raising at $5 Billion Valuation https://t.co/3yzzqTRHkT
— NFTNick.eth (@allnick) January 24, 2022
In addition to the Axios report, the Twitter account dubbed “Nftnick.eth” (NFT Nick) told his 80,400 social media followers about BAYC possibly raising funds with a “$5 billion valuation.” Axios said it “has learned from multiple sources,” but the publication also mentioned NFT Nick’s tweet.
Kokalitcheva and Primack further add in their report that “the deal is not yet closed, which means it still could fall through.” BAYC has been very popular among celebrities as well, with pop star Justin Bieber, rapper Eminem, Linkin Park’s Steve Aoki, Charlotte Hornets’ LaMelo Ball, and NBA legend Shaquille O’Neal all owning a BAYC NFT.
BAYC has also partnered with well known brands like Rolling Stone, Arizona Iced Tea, and Adidas. There’s also been the creation of two BAYC-centric entertainment projects with backing from Universal Music Group and a separate one stemming from the hit record producer Timbaland.
Last year, 107 Bored Ape Yacht Club NFTs were also sold at the luxury auction house Sotheby’s for $24 million.
What do you think about the reports that say Yugo Labs is in talks with investors like Andreessen Horowitz to raise $200 million? Let us know what you think about this subject in the comments section below.