Yuga Labs, the parent company of Bored Ape Yacht Club — a collection of NFTs featuring profiles of cartoon apes — this week announced a $450 million funding round. That values the company at a staggering $4 billion.
its its creative and engineering teams, while the company is also developing a metaverse platform called Otherside.
"This capital will give Yuga speed to market on many things underway," tech investor Guy Oseary, who contributed to the funding round, said in a statement Tuesday. CEO Devin Finzer said earlier this year that OpenSea will use part of its latest funding round to make it easier for artists to create NFTs on their platform. The company is also launching a grant program aimed at NFT developers.
An NFT gives someone digital proof of ownership of objects, or access to services, by way of a unique code linked to an image or video that lives on the blockchain. Because they are unique, NFTs can be transferred or sold but not copied or divided into smaller parts. Some individuals buy an NFT in the hope that its value will soar, while others buy them strictly for bragging rights.
NFT marketplaces are where customers go to buy digital collectibles in the form NFTs. Once a customer makes a purchase, part of the sale goes to the individual who created the NFT and another portion goes to the marketplace. For example, on
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