Developer of the Bored Ape Yacht Club collection, Yuga Labs, is reportedly discussing a financing with Andreessen Horowitz (a16z) that would value the company at between $4 billion and $5 billion, the Financial Times has learned, citing people with knowledge of the discussions. However, the terms of the deal could still change as the discussions are still in early stage, sources added.
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The report also says Yuga could even launch its own token to investors and existing Bored Ape NFT hodlers, which could then prove valuable on the resale market. Founded in 2021, Yuga Labs launched the NFT collection of cartoon apes in April 2021. As of press time, floor price for a BAYC NFT token is set at 99 ETH (~$260,000).
The BAYC collection turned out to be one of the main triggers that increased daily NFT trades on OpenSea. In November last year, traders made transactions with NFTs representing BAYC valued over $20 million in a single day as interest in cartoon apes increased significantly.
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