Eminem and Bored Ape Yacht Club (BAYC)
Blockchain and cryptocurrencies have been around for years, but NFT is relatively new and is gaining prominence in the crypto space. Technically, any cryptocurrency is a token, but not every token is a cryptocurrency. It depends on what functions it performs. Tokens are a register entry within the blockchain. The distinctive feature of most tokens is the principle of interchangeability. NFT, a non-fungible token, is a type of cryptographic token, each instance of which is unique and cannot be exchanged or replaced by another similar token. Two types of tokens exist in cryptocurrency, fungible and Non-Fungible tokens (NFT). In this article, we will write about the Bored Ape Yacht Club and what prompted the celebrity Eminem to join this club.
An NFT functions like a cryptographic token, but unlike cryptocurrencies such as Bitcoin, are not mutually interchangeable, in other words, not fungible. After John Cena’s launch of NFTs, other celebrities like Snoop Dogg, Eminem, and even Melania Trump have dived into NFTs.
Ten thousand avatars
The Bored Ape Yacht Club is a collection of ten thousand avatars that people buy on the internet 3.0. These avatars act as tickets to a social club. This social club has made its way to fame and has become one of the most prominent brands in the NFT space. As of the time of writing, this space has generated sales above $1 billion. These avatars are usually unforgettable to look at and are highly sought after.
Recently, Eminem, a popular rapper bought a bored Ape for $462.000. He joined the ranks of celebrity buyers like Jimmy Fallon and Steph Curry. This avatar was created by GeeGazza, alongside Bored Ape and they called it ‘EminApe’ because of its resemblance with the rapper. This Ape is beautified with a gold chain necklace and a khaki army cap that is very similar to that of Marshall Mathers the III. With this avatar, GeeGazza was hoping to make the transaction with the said celebrity. When that was fulfilled, it looked like a dream come true. The purchase was done at OpenSea’s NFT marketplace and Six, a digital agency completed the transaction. This company is known for carrying out other NEFT transactions for celebrities like Tycho and Galantis.
It’s more about showcasing wealth than art
After buying the avatar, the rapper changed his profile picture on Twitter. Critics have called this BAYC project cynical because it is more about showcasing wealth than art. This Bored Ape however is not the first piece of art bought by the celebrity. This purchase may appear normal like every other NFT purchase. However, what makes it unique is the fact that a non-member of the BAYC core group reached out to the celebrity to get the NFT and they rewarded him for it.
In all, it appears the year 2021 ended on a pleasant note for the BAYC because it started as an NFT collectible, only to end up bootstrapped in space. 2022 appears even better because BAYC intends to release its own iOs game and also an animated series. We could confidently say that BAYC will be at the forefront of pushing NFTs to achieve mainstream adoption.
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