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Bored Ape NFT makers are 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 up to $5 billion. According to the Financial Times report from Thursday (February 3, 2022), anonymous people familiar with the matter revealed that the creators of BAYC are looking to sell a multimillion-dollar stake to investors. The unknown sources stated that leading venture capital firm Andreessen Horowitz (a16z) is one of the companies that could be involved in the funding round. However, neither Yuga Labs nor a16z have officially commented on the matter. Meanwhile, the deal would bring the startup’s valuation 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 may not lead to a deal.” Bored Ape Yacht Club is a collection of 10,000 unique Bored Ape NFTs, 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 rock bottom price as of January 2022. One factor contributing to the popularity of BAYC is the caliber of celebrities who own such NFTs. Notable names include tennis star Serena Williams, rap icon Eminem and popular football player Neymar Jr. Andreessen Horowitz has also been involved in the cryptocurrency space, investing in several startups. As previously reported by CryptoPotato, the company has raised $9 billion to continue injecting funds into the emerging industry. SPECIAL OFFER (Sponsored) Binance Free $100 (Exclusive): Use this link to register and get $100 Free and 10% Off Fees on Binance Futures First Month (Terms and Conditions). PrimeXBT Special Offer: Use this link to register and enter POTATO50 code to get 25% off trading fees.
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