The last few weeks have been a lot of bad news for some on the “web3” space, but you wouldn’t know it if you look at the announcements at the recently concluded NFT.NYC and ApeFest 2022 events. The annual Bored Ape Yacht Club (BAYC) event, in particular, brought musicians such as The Roots, LCD Soundsystem, Haim, Lil Baby, Lil Wayne and others to perform for its members. On the last day of the event, guests watched the premiere of this video of two of the celebrities who have purchased tokens, Eminem and Snoop Dogg.
The video is for a new song, From The D 2 The LBC, which is not the most memorable of the collaborations and is mostly about smoking weeds, but constantly joins the images of the cartoon apes. Many BAYC members were disappointed in February when the two men performed on the half-time Super Bowl program and, although they appeared during an event that apparently featured cryptographic ads every few minutes, they were unable to highlight their web efforts3 .
ApeCoin’s price has dropped 39 percent in the last month to $ 4.51 after hitting a high in late April to more than $ 23, while Bitcoin and Ethereum stocks are also up 38 percent lower than 12 months ago. The Wall Street Journal wrote on May 3 that “NFT sales are up to par” and the figures have generally not improved since then. This report cited an NFT from Snoop’s collection, Doggy # 4292, which sold for more than $ 33,000 a few months ago. Its owner currently includes the item for sale at a price of nearly $ 11 million, and while the highest bid at the time of the item was $ 210, right now someone is offering $ 1,218. You can watch the animation or download a high-resolution image from the source website right here, for free.
Despite this, now BAYC owners can point to music that uses characters from the club they spent so much money on to join. Plus, they were able to see the real Snoop Dogg perform, not the fake with which some web3 company tricked people this week during NFT.NYC.
The rappers ’NFTs were acquired through third parties in December, near the temporary prices of the latest Bitcoin and Ethereum peaks. In a deal made by digital agency Six, it cost 123.45 ETH to get Eminem’s Bored Ape # 9055. At the time, that was worth about $ 460,000, but now it’s equivalent to about $ 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 recorded in the blockchain, which was activated by MoonPay. The company has focused on making it easier for celebrities to buy high-priced NFTs, although it also makes it difficult to track exactly how these celebrity affiliate tokens were obtained and who actually paid the advertised prices.
Opening up the possibility for listing owners to use images of apes for their creative or business endeavors is part of the Bored Ape Yacht Club’s strategy, although it’s unclear why or how this will increase the appeal for people who have not spent. six digits in an NFT. As you can see, this is the beginning of a new media industry, with intellectual property rights linked to digital tokens with monetization pouring into all partners.
The truth about NFTs and copyright is much more complicated than that: you can follow our explanation of the state of affairs right here. But for now, the festivities continue, with many things for BAYC owners, Yuga Labs, to sell to members who stay around, such as merchandise and land pledges in a metavers that has yet to be released.