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The past two weeks have seen a lot of bad news for some in the “ web3 ” space, but you wouldn’t know that by looking at the announcements at the recent NFT.NYC and ApeFest 2022 events.
The Bored Ape Yacht Club (BAYC) annual event, in particular, brought in musicians like 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 from two of the celebrities who bought 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 the collaborations and is mostly about smoking weed, but constantly intersperses images of cartoon monkeys.
Many BAYC members were disappointed in February when the two performed at the Super Bowl halftime show, and despite appearing during an event that featured cryptocurrency ads seemingly every few minutes, they failed to highlight their efforts on the web3.
ApeCoin’s price has dropped 39% in the last month to $4.51 after peaking in late April at more than $23, while Bitcoin and Ethereum values are also about 38% lower than they were. 12 months ago.
The Wall Street Journal wrote on May 3 that “NFT sales are decreasing,” and the numbers have not improved overall since then. That report cited an NFT from Snoop’s own collection, Doggy #4292, which sold for over $33,000 several months ago.
Its owner currently lists the item for sale at a price of nearly $11 million, and while the highest bid at the time of the article was $210, someone is now offering $1,218.
Despite that, now the owners of BAYC can point to songs that use characters from the club they spent so much money to be a part of. Also, they got to see the real Snoop Dogg perform, not the fake one that some web3 company conned people with during NFT.NYC.
The rappers’ NFTs were acquired by a third party in December, close to Bitcoin prices and Ethereum’s most recent spikes. In a deal executed by digital agency Six, it cost 123.45 ETH to get Eminem’s Bored Ape #9055. At the time, this was worth around $460,000, but now it’s equivalent to 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 recorded on the blockchain, which was enabled by MoonPay.
The company has focused on making it easier for celebrities to buy high-priced NFTs, though it also makes it difficult to track exactly how these celebrity-affiliated tokens were obtained and who actually paid the much-publicized prices.
Opening up the ability for token owners to use monkey images for their creative or commercial endeavors is part of the Bored Ape Yacht Club’s strategy, even though it’s unclear why or how this will increase appeal to people who haven’t spent six figures on one. NFT. In their view, this is the beginning of a new media industry, with intellectual property rights tied to digital tokens with monetization reaching all members.