The last couple of weeks have had a lot of bad news for some in the “web3” space, but you wouldn’t know it by looking at announcements in and around the recently-ended NFT.NYC and ApeFest 2022 events. The Bored Ape Yacht Club’s (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 final day of the event, guests saw the premiere of this video from two of the celebrities who’ve purchased tokens, Eminem and Snoop Dogg.
The video is for a new song, From The D 2 The LBC, that isn’t the most memorable of collaborations and is mostly about smoking weed, but it constantly splices in images of the cartoon apes. Many BAYC members were disappointed in February when both men performed in the Super Bowl halftime show, and despite appearing during an event that featured crypto ads seemingly every few minutes, failed to highlight their web3 endeavors.
The price of ApeCoin has dropped 39 percent in the last month to $4.51 after peaking in late April at more than $23, while Bitcoin and Ethereum’s values are also about 38 percent lower than they were 12 months ago. The Wall Street Journal wrote on May 3rd 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, that sold for more than $33k 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, right now someone is offering $1,218. You can see the animation or download high-res still of it from its source website right here, for free.
Despite that, now BAYC owners can point to music that uses characters from the club they spent so much money to join. Plus, they did get to see the real Snoop Dogg perform, not the fake one that some web3 company fooled people with this week during NFT.NYC.
The rappers’ NFTs were both acquired via third parties in December, near the time prices for Bitcoin and Ethereum’s most recent peaks. In a deal executed by the digital agency Six, it cost 123.45 ETH to obtain Eminem’s Bored Ape #9055. At the time, that was worth about $460,000 but it’s now equivalent to around $150,000.
The ape 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 easy for celebrities to buy high-priced NFTs, although 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 the images of the apes for their creative or business endeavors is a part of the Bored Ape Yacht Club’s strategy, even if it’s unclear why or how that will increase the appeal to people who haven’t spent six figures on an NFT. The way they see it, 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 a lot more complicated than that — you can follow our explanation of the state of things right here. But for now, the parties go on, with plenty of things for BAYC owners Yuga Labs to sell to members who are sticking around, like merchandise and promises of land in a metaverse that hasn’t launched yet.