Yuga Labs Raise $450 Million Amid ‘Otherside’ Update

The best-selling PC game Otherside: Realm of the Dead saw a successful update, raising $450 million in its first 24 hours. The team behind this blockchain powered action MMO has been working on it for six years and will likely continue to expand it with new builds.

The “yuga labs owner” is a crypto-asset that was created by the company Yuga Labs. The cryptocurrency was released on November 15th, 2017 and raised $450 million in its Initial Coin Offering.

Yuga Labs has had a hard time keeping out of the Web3 limelight in recent weeks, as history can attest, and a marketing slowdown doesn’t seem to be on the cards anytime soon, as seen by the announcement of its very successful first fundraising round. This is due to the fact that the round collected a huge $450 million, making it not only one of the biggest ever investment rounds in Web3, but also raising the company’s value to a healthy $4 billion. 

Andreessen Horowitz led the investment, which included contributions from Web3 heavyweights like Coinbase, FTX, Animoca Brands, and Genies, as well as less explicit Web3 businesses like Google, Samsung, Adidas, TIME, Vayner Media, and others. 

Yuga Labs has also provided more detailed details about its widely anticipated ‘Otherside’ project, in addition to the fresh funding. The business said that it would be an MMORPG in which NFTs, like as those shown in the teaser video, will be playable characters in a gamified ApeCoin-governed metaverse.

“Already, a new economy is feasible with the IP of Apes, Punks, and Meebits, owned by the community,” Yuga Labs CEO Nicole Muniz said of the idea. We’re creating a beautiful, interoperable environment for people to explore and play in because the potential for blockchain’s effect on culture are boundless. There’ll be a lot more to come.”

The business also revealed that a number of studios are assisting in the development of the game, with additional details on the project to be disclosed in April.

 

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