Andreessen Horowitz may soon invest in Bored Ape Yacht Club NFT

In the last couple of months, several investors including musicians, athletes, and celebrities alike have invested in the Bored Ape Yacht club NFT.
Andreessen Horowitz may soon invest in Bored Ape Yacht Club NFT

According to a recent Financial Times story, the firm behind one of the most prominent NFT collections, ‘Bored Ape Yacht Club,’ may soon get a large investment from popular VC Andreessen Horowitz.

Bored Ape Yacht Club is set to hit a mega deal

Yuga Labs, the inventor of Bored Ape, is apparently in negotiations with a16z about a fresh fundraising round that may push its worth to $5 billion. According to reports, the firm is giving multi-million dollar ownership in the company. The FT claimed, citing individuals familiar with the situation, that the parameters of the agreement are susceptible to change, and that the arrangement may not even see the light of day.

According to the media outlet, Yuga Labs may also issue crypto tokens to investors and existing holders of Bored Ape Yacht Club NFTs. Yuga Labs and a16z have yet to respond to the news.

The Bored Ape Yacht Club is a collection of 10,000 uninterested-looking Apes that were created on the Ethereum blockchain. The NFT series has a devoted fanbase and is now the second-most traded collection on the NFT marketplace OpenSea, trailing only CryptoPunks. Eminem, Stephen Curry, Post Malone, and Justin Beiber are among the celebs who have purchased at least one BAYC.