Yuga Labs announced that it has raised $450 million in a funding round led by a16z crypto, bringing the firm to a $40 billion valuation.

The web3 company plans to utilize the funding to scale its growing team, engineering and operations functions, and partnerships, according to an announcement.

Some of the funding rounds participants include Animoca Brands, The Sandbox, LionTree, Sound Ventures, Thrive Capital, FTX, and MoonPay.

Yuga Labs is the creator of the Bored Ape Yacht Club (BAYC) NFTs. It recently acquired the IP of the CryptoPunks and Meebits from Larva Labs.

In the last 24 hours, bitcoin has been down by 0.9%, with a current price of $42,382.65 as of the time of writing this. Within 24 hours, bitcoin experienced a $41,868.04 low and $42,838.49 high. The trading volume of bitcoin in the last 24 hours is $20,920,902,889. The current market capitalization of bitcoin is $804,778,358,978. Currently, $18.99M bitcoins are in circulation.

Stats and Image from Coin Gecko

According to the CEO of Yuga Labs, Nicole Muniz, “The possibilities for blockchain’s impact on culture are endless, and so we are building a beautiful, interoperable world for people to explore and play in. There’s a lot to come.”

Shortly after acquiring CryptoPunks and Meebits IP, Yuga Labs posted a new metaverse project called Otherside on Twitter on Friday. The teaser video featured characters from BAYC NFT, CryptoPunk, Meetbit, etc.