Bored Ape Yacht Club creator raises $450 million to build an NFT metaverse

The company wants to build a 'player-run' metaverse RPG.

“To me, Yuga Labs, combined with these other emerging [Web3] companies, are an important counterweight to companies like Meta,” Chris Dixon, who leads Andreessen Horowitz’s crypto arm, tells. “There’s a dystopian future where Meta is this kind of dominant digital experience provider, and all of the money and control goes to that company.

But the company has built fairly little at this point. Its NFT collections have 40,000 users at most, according to OpenSea’s data, and the company has only released one game for a limited period of time. That means Yuga Labs is essentially being given hundreds of millions of dollars to build a gaming company — or at least, the Web3-ified 2022 version of one — from scratch, off the back of a hugely lucrative art project.

That success is what investors are thinking about when funding Yuga Labs. “They built this very energized community and this culture phenomenon,” says Dixon. But the company is ultimately making the same big bet that so many others are right now: that some format of metaverse project will become the next explosive thing. Now, they just have to build it.Subscribe to get the best Verge-approved tech deals of the week.

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