Era Labs – owner of two of the most popular NFT collections – has announced the completion of a $450 million fundraise to develop its NFT metaverse project. This brings the company’s valuation to $4 billion.
- News of the increase was revealed in the company’s press release on Tuesday, revealing a16z as the leader of the funding round.
- Andreessen Horowitz has become deeply involved with investing in all things Web3 and seems to have followed suit on a proposed investment deal from Bored Ape Yacht Club (BAYC).
- Investment leader Metaverse is linked to the game ‘The Sandbox’, crypto exchanges FTX and Moonpay, and others.
- Together, the funds provided will grow the Era team, and support the joint ventures and partnerships it has planned.
- Era owns the intellectual property for BAYC, CryptoPunks and Meebits, the first two being the most valuable NFT collections on the market. They have a market cap of 1,060,611.52 ETH ($3.1 billion) and 716,147.28 ETH ($2.1 billion) respectively.
- The Metaverse project the company is following is called On the other handWhich will be an interoperable world connecting the entire NFT universe.
- Era Labs co-founder Greg Solano believes the game will set itself apart from other Metaverse projects that are less competitive.
- “You only play with people and make friends because you’re getting your ass kicked,” he said. “Basically, we don’t think that a deeper social experience necessarily comes from a Zoom chat and walking around saying ‘hi’.”
- Despite the growing excitement around NFTs, Ethereum founder Vitalik Buterin isn’t exactly a fan – especially not of the bored apes. “The danger is you have these $3 million monkeys and it becomes a different kind of gamble,” he said of their incredibly high value.
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