FTX Trading and other big names in the crypto market participated in a major investment round from Yuga Labs. Creator of the famous collection of non-fungible tokens (NFTs) called Bored Apes Yacht Club (BAYC), the company raised US$ 450 million on Tuesday (22).
This is the first round of investment received by Yuga Labs, which owns the copyright to brands such as Cryptopunks. In addition to collections of NFTs famous in the crypto market, the company recently created a new token, ApeCoin (APE).
Now, Yuga Labs is valued at US$ 4 billion on the market right after receiving the new funding. In addition to FTX Trading, Coinbase and MoonPay participated in the first round of investment in the NFTs company.
The company is developing its own metaverse that is expected to integrate the NFTs in the BAYC collection and launch apecoin into the crypto market. According to Yuga Labs, the US$ 450 million investment will be used to create a digital universe for holders of tokens minted by the platform.
The metaverse that will integrate Bored Apes Yacht Club will be called Otherside and has been classified as a multiplayer online game. While it will integrate the tokens created by the company, Otherside will also be released to users who do not own NFTs from the BAYC collection.
Before receiving the investment from FTX Trading, Yuga Labs launched the apecoin that has become one of the most traded cryptoassets in the crypto market over the past seven days. Currently, each unit of the APE is worth US$ 13.23, with a total capitalization of over US$13 billion.