Yuga Labs to Raise $50m by Launching New NFT Collection "Mecha Apes"

Yuga Labs to Raise $50m by Launching New NFT Collection “Mecha Apes”

16 September 2022

in ApeCoin

Reading Time: 2 mins read

Yuga Labs, the startup that developed the Bored Ape Yacht Club (BAYC) series of non-fungible tokens (NFTs), plans to launch a new NFT series, “Mecha Apes”, by the end of this year, according to a filing on Sept. 15.

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The new collection of NFTs is aimed at raising $50 million and 100,000 metaverse parcels.

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Previously, Yuga Labs successfully raised $600 million by selling its NFT series “Otherdeeds for Otherside” at an initial price of $6,000.

Team Yuga continues to expand its reach in the emerging Web 3.0 and metaverse worlds by acquiring IP rights to the CryptoPunks and Meebits series.

Yuga Labs has been low profile on releasing the NFT series. Still, the company has launched a Mecha Piece as a product in the Otherdeeds virtual land, and Yuga Labs has not disclosed any information about the Mecha Apes collection.

In March, the team also floated the ApeCoin (APE) token, which rose to become the best performer, as detailed by Blockchain.News.

Yuga Labs proposed to move ApeCoin from Ethereum to its own blockchain, and Ape holders are currently competing for this proposal.

Meanwhile, Yuga Labs raised funds worth $450 million in March. As a result, the funds effectively placed the blockchain startup at a $4 billion valuation. The team aimed to inject the funds into building a media empire that predominantly features NFTs.

This fundraising came days after Yuga Labs unveiled a metaverse project dubbed the “Otherside”. The teaser featured an animated Bored Ape NFT smoking Tobacco in what appeared to be a metaverse-themed world.