The past two weeks have had a lot of bad news for some in the “web3” space, but you wouldn’t know that by watching the announcements in and around the recently concluded NFT.NYC and ApeFest 2022 events. The Bored Ape Yacht Club (BAYC) annual event in particular has brought musicians like The Roots, LCD Soundsystem, Haim, Lil Baby, Lil Wayne and others to perform for its members. On the final day of the event, guests saw the premiere of this video from two of the celebrities who purchased tokens, Eminem and Snoop Dogg.
The video is for a new song, From The D 2 The LBC, which isn’t the most memorable of collaborations and is mostly about smoking weed, but it constantly mixes with the cartoon monkey imagery. Many BAYC members were disappointed in February when the pair performed at the Super Bowl halftime show, and despite appearing at an event that apparently featured crypto ads every few minutes, did not succeeded in highlighting their efforts on the Web3.
ApeCoin’s price fell 39% last month to $4.51 after peaking at over $23 in late April, while Bitcoin and Ethereum values are also around 38% lower than they were. were 12 months ago. The the wall street journal wrote on May 3 that “NFT sales are flat,” and the numbers haven’t improved overall since then. This report cited an NFT from Snoop’s own collection, Doggy #4292, which sold for over $33,000 several months ago. Its owner is currently listing the item for almost $11 million, and while the highest bid at the time of the item was $210, right now someone is offering $1,218. . You can view the animation or download a hi-res image of it from its source website here, for free.
Despite this, BAYC owners can now point to music that uses characters from the club they spent so much money on. Plus, they got to see the real Snoop Dogg play, not the fake one a Web3 company fooled people with this week during NFT.NYC.
The rappers’ NFTs were both acquired through third parties in December, around the time of Bitcoin and Ethereum’s most recent price spikes. In a deal by digital agency Six, it cost 123.45 ETH to get Eminem’s Bored Ape #9055. Back then it was worth around $460,000, but now it’s worth around $150,000.
The monkey icon associated with Snoop Dogg, #6723, was moved in a transfer from the previous owner’s wallet, not a sale with a price on the blockchain, which was enabled by MoonPay. The company focused on making it easy for celebrities to purchase high-priced NFTs, though it’s also difficult to track exactly how these celebrity-affiliated tokens were obtained and who actually paid the very high prices. publicized.
Opening up the possibility for token owners to use the images of the monkeys for their creative or commercial pursuits is part of the Bored Ape Yacht Club’s strategy, although it’s unclear why or how it will increase appeal to people. who haven’t spent six figures on an NFT. According to them, this is the beginning of a new media industry, with intellectual property rights linked to digital tokens with monetization that trickles down to everyone associated.
The truth about NFTs and copyright is much more complicated than that – you can follow our explanation of the state of affairs here. But for now, the parties continue, with plenty of stuff for BAYC owners Yuga Labs to sell to remaining members, like merchandise and land promises in a metaverse that has yet to launch.