Yuga Labs Raise $450 Million Amid ‘Otherside’ Update

Thu, 24 Mar 2022 10:22:39 +0000

Yuga Labs NFT 450 Fund Raise

As the history books will vouch for, Yuga Labs have had a hard time staying out of the Web3 spotlight in the past couple of weeks, and as the revealing of its hyper successful inaugural funding round suggests, a marketing slow-down doesn’t seem to be on the menu any time soon. This is because the round raised a whopping $450 million, which not only places it as one of the largest ever funding rounds in Web3, but it also bumps the start-up’s valuation to a healthy $4 billion. 

The landmark round was led by Andreessen Horowitz, with contributions coming from various Web3 heavy-hitters such as Coinbase, FTX, Animoca Brands and Genies, as well as from less explicit Web3 companies, such as Google, Samsung, Adidas, TIME, Vayner Media, and more. 

In addition to the new injection of funds, Yuga Labs have also released more extensive information regarding its highly-anticipated ‘Otherside’ project. The company announced that it will be a MMORPG, where NFTs, such as those featured in the project’s teaser trailer, will serve as playable characters across a gamified, ApeCoin-governed metaverse.

Speaking on the project, Yuga Labs’ CEO Nicole Muniz said: “Already, a new economy is possible with the IP of Apes, Punks, and Meebits, owned by the community. The possibilities for blockchain’s impact on culture are endless, and so we are building a beautiful, interoperable world for people to explore and play in. There’s a lot to come”.

The company also stated that there are a few different studios helping to develop the game, with more information regarding the project to be released in April.

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