NFT Frenzy: Silicon Valley’s Latest ‘Unicorn’ Is a Bored Ape – CBS San Francisco

nft-frenzy:-silicon-valley’s-latest-‘unicorn’-is-a-bored-ape-–-cbs-san-francisco

SAN JOSE (CBS News) — As a technology, non-fungible tokens are barely 10 years old. Yet venture capital firms are pouring money into NFT startups, turning startups into billion-dollar companies — known in Silicon Valley as “unicorns” — virtually overnight in an investment frenzy that recalls the 1990s dot-com boom.

Yuga Labs, the parent company of Bored Ape Yacht Club — a collection of NFTs featuring profiles of cartoon apes — this week announced a $450 million funding round. That values the company at a staggering $4 billion. In January, NFT platform OpenSea said it raised $300 million, valuing the company at an even more eye-popping $13 billion.

Venture capitalists invested $4.6 billion dollars in NFT companies last year, up from only $145 million in 2020, according to the Venture Capital Journal, citing PitchBook data.

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