‘Bored Ape’ NFT-Start-Up Yuga Labs Worth $ 4 Billion After Raising $ 450 Million

NFT is a digital asset that uses blockchain technology.

Yuga Labs, the company behind NFT’s “Bored Ape Yacht Club” collection, said on Tuesday it was worth $ 4 billion after a $ 450 million round of funding led by a16z crypto, Andreessen Horowitz’s crypto fund.

Metaverse gaming company Animoca and its subsidiary, The Sandbox, and crypto exchange FTX were also among the investors participating in the latest round.

The hype about digital assets pushing cryptocurrencies like bitcoin to record prices last year, has also spread into non-fungal tokens or NFTs.

NFTs are digital assets that use blockchain technology to record who owns digital objects such as images, videos or in -game items. NFT Bored Monkey is often used as a profile picture on social media.

NFT sales hit $ 25 billion in 2021, compared to just $ 94.9 million a year earlier, data from market tracker DappRadar shows.

However, while NFT attracted fans including former U.S. first lady Melania Trump and Jamaican sprinter Usain Bolt, some questioned why so much money was spent on items that didn’t physically exist.

(This story has not been edited by NDTV staff and is automatically generated from a syndicated feed.)


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