There’s been a lot of bad news for some in the “web3” space over the past few weeks, but you wouldn’t know it by looking at the announcements in and around the recently concluded NFT.NYC and Appfest 2022 events. Bored Ape Yacht Club’s (BAYC) annual event specially brought together musicians such as The Roots, LCD Soundsystem, Haim, Lil Baby, Lil Wayne and others to perform for its members. On the final day of the event, guests watched the premiere of this video of two celebrities buying tokens, Eminem and Snoop Dogg.
The video is for a new song, From D2 The LBC, which is not the most memorable for the collaboration and is mostly about smoking weed, but it is constantly split into images of cartoon apes. Many BAYC members were disappointed in February when both men performed at the Super Bowl halftime show, and despite appearing during an event that featured crypto ads, every few minutes, highlighting their Web 3 efforts. failed.
After peaking at more than $23 in late April, the price of epcoin fell 39 percent to $4.51 in the past month, while the values of bitcoin and ethereum are also down about 38% from 12 months ago. wall street journal wrote on May 3 that “NFT sales are flatlining,” and the numbers haven’t improved overall since then. That report cited an NFT from Snoop’s own collection, Doggy #4292, which sold for over $33k several months ago. Its owner currently lists the item for sale at a price of about $11 million, and at the time of the article the highest bid was $210, with someone offering $1,218 right now. You can watch the animation or download its high-resolution still from its source website, here for free.
Despite this, now BAYC owners can point to music that uses characters from the club they spent so much money joining. Plus, they got to see the real Snoop Dogg, not the fake one that some Web3 company fooled around during NFT.NYC this week.
Rappler’s NFTs were both acquired through third parties in December, nearing prices at the time of bitcoin and ethereum’s most recent peaks. In a deal executed by digital agency Six, it cost 123.45 ETH to acquire Eminem’s Bored App #9055. At the time, it was worth about $460,000, but now it is worth about $150,000.
The app icon associated with Snoop Dogg, #6723, was transferred from the wallet of the previous owner, not a sale with the 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, although it also makes it difficult to track how these celebrity-affiliated tokens were obtained, and who actually paid the much hyped prices. did.
Opening up the ability for token owners to use images of apes for their creative or commercial endeavors is a part of Board Ape Yacht Club’s strategy, even though it is unclear why or how this would increase appeal to those in need. For those who haven’t spent six figures on an NFT. The way they see it, this is the beginning of a new media industry, with the monetization of intellectual property rights tied to digital tokens that belongs to all involved.
The truth about NFTs and copyrights is much more complicated than that – you can follow our explanation of the state of things here. But for now, the parties go on, a lot for BAYC owners Yug Labs to sell to members who are sticking around, like Business and promises of land that have not yet begun.