Značka: Bored Ape Yacht Club

Bored Ape Yacht Club is a huge mainstream hit, but is Wall Street ready for NFTs?

Within months after its launch in April 2021, Bored Ape Yacht Club (BAYC) has become one of the main reasons Wall Street should take the emerging nonfungible token (NFT) market seriously, thanks to its recent sales turnover of over $1 billion.Celebrities ape into BAYCFor the uninitiated, BAYC is a collection of 10,000 cartoons of anthropomorphic apes with stylish clothes and disreputable expressions. Each ape is practically an image file that should be worthless in a sane world. Nonetheless, they have been managing to fetch astonishing sums, sometimes from some of the world’s most renowned celebrities.For instance, Jimmy Fallon, a popular American TV host, bought the image of a Bored Ape that wore a striped T-shirt and heart-shaped shades for almost $220,000 in November last year. And very recently, Academy Award-winning rapper Eminem paid nearly $462,000 for an ape that somewhat resembled him.Eminem’s bored ape, dubbed BAYC #9055. Source: The GuardianMeanwhile, one of the rarest Bored Apes, which had a gold fur trait, fetched $3.4 million in an online auction held by Sotheby’s in October, breaking the record of another rare ape with laser eyes, which was sold to the Sandbox for $2.9 million a month before.But what is the selling point?The BAYC collection fetches its value from NFTs, digital ownership proofs logged on a public blockchain. Think Bitcoin (BTC), but each “coin” is indivisible and unique in some way.Meanwhile, most NFT projects, including BAYC, settle via the Ethereum blockchain, priced in its native token Ether (ETH).But rarity is not the only reason people pay millions of dollars for Bored Apes. In addition to owning a unique avatar, people also gain admissions to an exclusive membership club, imposed with tokens. That gives them entry into an inner circle of elites, bringing them status and more profitable opportunities.APE FEST 2021 details posted in the BAYC Discord:https://t.co/KjYGPhYWCP☠️⛵️ pic.twitter.com/jvY38qf6NK— Bored Ape Yacht Club (@BoredApeYC) October 1, 2021Evan Luthra, the CEO, and founder of EL Group International and a BAYC’s exclusive club member discussed the allure attached to the elite association. The 26-year old angel investor referred to the membership as something that is “very strong for the Wall Street folks.””I think there is a new celebrity joining the club every single day.”Bored Ape collectibles also enable their owners to enter private messaging boards on Discord and gain privileged access to other NFTs.Bored Ape Yacht Club “floor price”Bored Ape collectibles also enable their owners to enter private messaging boards on Discord and gain privileged access to other NFTs. And then, there is a certain reselling value attached to these NFTs, as visible in its rising “floor price,” which reflects the lowest bid one may open for the collectibles.As of Jan.7, the BAYC floor price was 68 ETH, or around $217,800, up 380% from its mid-August low.BAYC Floor Price chart. Source: CoinGeckoNoelle Acheson, head of market insights at Genesis Trading, credited BAYC for being more flexible in collaborations than CryptoPunks, one of the only high-profile NFT collectible series that came before it. These collaborations include a BAYC-inspired Adidas gear, the signing of a talent agency, a potential Bored Ape music group, and other related assets emerging around the languid ape characters.”So, the concept of floor prices — which drives institutional investment in NFTs as well as their increasing use as collateral for loans — no longer depends just on how much investors think someone else will pay further down the road,” Acheson explained, adding: “Floor prices, and an asset’s appreciation potential, now also depends on what else the NFTs can be used for, other than just displaying.”Luthra agreed, adding that the continuous involvement of celebrities with BAYC would further boost its recognition among retail and institutional investors alike. That may bring more demand for its NFT collection, which, in turn, would push its floor price higher.The “Meta” factorJelmer Rotteveel, the co-founder of NFT collection MoonwalkerFM, attached one more bullish backstop to the BAYC core valuation: the ongoing hype around Meta, rebranded from Facebook to support the social media giant’s metaverse ambitions.”With the emergence of Meta we will be entering a new way of communication and business,” he told Cointelegraph, adding that NFTs would become an integral part of the metaverse sector, with users supporting unique digital avatars, such as Bored Apes, to interact with one another digitally. He added:”I believe that people will be looking more closely at the developments of NFT projects like BAYC, and, just like you saw with cryptocurrency, they will be stepping in one by one.”Acheson noted that Facebook/Meta has committed to spending approximately $10 billion on metaverse development, citing its CEO Mark Zuckerberg’s statement that they would look into decentralized metaverse applications.”Whether we believe him or not — investors are likely to think about getting in ahead of those flows,” she added.Will Wall Street ape into NFTs?As stated, BAYC’s net sales recently crossed the $1-billion-mark, almost 10% of what Apple earned in 2021. Meanwhile, the NFT sector, on the whole, processed sales worth $41 billion, which came to be almost equal to the global art sales in the year, data from Chainalysis showedMatt Hougan, the chief investment officer of Bitwise Asset Management, admitted that many of their clients had been looking for exposure in the NFT space without needing to crisscross through its daunting technology. In response, Bitwise launched a dedicated fund last mont, which tracks its own Bitwise Blue-Chip NFT Collections Index — a basket of the ten largest NFT collections weighted by market capitalization — and buys and holds artworks from BAYC, CryptoPunks, and other NFT projects. Related: The NFT world is gradually bridging the gap between niche and mainstreamThe “Blue-Chip NFT Index Fund” is available only to institutional investors who invest at least $25,000 into the product. Returns brought forth by Bitwise’s NFT fund since inception. Source: Bitwise Asset ManagementRebekah Keida, director of marketing at New York-based investment management firm, XBTO, favored the prospects of Including blue-chip NFT projects like BAYC or CryptoPunks into funds on Wall Street. Keida says that it would open the floodgates for accredited investors to pour thousands, even millions, of dollars into these digital projects. “The opportunities afforded by the increased capital flow enhances the legitimacy of top NFT projects while allowing investors a diverse bet in crypto,” she told Cointelegraph.Luthra showed confidence in asset managers’ ability to tail Meta’s foray into the metaverse sector, which, in turn, would benefit the NFT projects like the BAYC, saying:”If Meta thinks that the future lies in the metaverse and that’s where they are investing their time and energy, it only makes logical sense for asset managers to deploy funds towards the industry. As the space matures and there is more opportunities available, I am confident we will see many more metaverse related funds pop up to capitalize on the opportunity.”Meanwhile, Sami Chlagou, CEO at Cross the ages metaverse game, compared Meta’s potential involvement in the NFT space with “lighting a lamp in the heads of investors who are much more backward about this concept.””Whether you think Meta’s decision is good or bad, the fact remains that when one of the largest social networking groups open to innovation and known for shaking up our environment talks about a subject, it opens doors and the desire to get involved.”The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

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OpenSea NFT trading volume surges as Bored Ape mania intensifies

NFT trading volumes on OpenSea are surging in January amid a renewed speculative frenzy on Yuga Labs’ Bored Ape Yacht Club (BAYC) and Mutant Ape Yacht Club (MAYC). According to data posted by “rchen8” on Dune Analytics, OpenSea has generated more than $700 million worth of trading volume since the start of 2022, with Jan. 3 being the biggest day of the year with a whopping $255.8 million worth of 24-hour volume.While popular onlookers as Wu Blockchain have asserted that the volume on Jan. 3 was a record high for OpenSea, previous data posted by rchen8 on Dune Analytics shows that Aug. 29 saw the all-time high (ATH) of $322 million. In December, OpenSea’s monthly volume topped $3.24 billion and fell just 5.3% short of the platform’s ATH in August of $3.42 billion. With the NFT marketplace already conducting more than $700 million worth of trading volume within the first four days of January, the record highs may soon be broken if the momentum continues throughout this month. Bored Ape maniaA factor that may be contributing to OpenSea’s surging volumes, is the recent mania surrounding the BAYC and MAYC NFTs along with a basket of other projects from Yuga Labs. Data from CryptoSlam shows that the MAYC is currently the top-ranked NFT project in terms of seven-day volume on secondary markets at $93.2 million, with the BAYC NFTs following closely behind at second with $88.4 million. Related: Bored Ape Yacht Club NFTs catch up to CryptoPunks, flips floor priceOver the past 30 days, the MAYC and BAYC projects have generated $189.7 million and $182.6 million apiece, making them the third and fourth highest ranked NFT collections at the time of writing. In terms of 24-hour volume, MAYC has garnered $18.7 million worth of secondary volume, while the BAYC has generated $14 million. According to OpenSea, the current floor price for BAYC NFTs is a hefty 67 Ether (ETH) worth roughly $250,000, while the MAYC NFTs are currently going for 15.87 ETH, or $59,300. In January so far, several Pop-culture icons such as rapper Eminem, musician Britney Spears, and comedian Dave Chappelle all reportedly snapping up BAYC NFTs for six-figure sums this month. BREAKING: @DaveChappelle just purchased @BoredApeYC #8343 for 99 ETH ($371,343.06) WelcomeWallet created today, and ENS held the domain davidchappelle.eth for him and allowed him to mint 2 it hours agoIronically, his name on OpenSea is “FollowtheWhitePeople” pic.twitter.com/E7B3ynpqCy— m0rgan.ethᵍᵐ ‍♀️ (@Helloimmorgan) January 2, 2022

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Adidas Originals to launch debut NFT collection

Adidas Originals have announced the upcoming launch of their nonfungible token (NFT) collection titled Into the Metaverse.Although details on the supply are sparse at this time, it has been revealed that the digital asset will serve as an access token, promising holders’ exclusive access to future merchandise, physical and digital product and services, rewards within the newly attained land plot in The Sandbox, and more.The collection’s sale will commence via the company’s official website on Dec. 17 at a price of 0.2 ETH, equivalent to approximately $810 at the time of writing.Cointelegraph spoke to NFT influencer GMoney to discuss his expectations for Adidas’ emergence into the NFT market:“They have been very thoughtful and deliberate on their entrance into the space. I think they will help empower communities and creators by building together.”On Dec. 2, Adidas Originals announced their foray into the metaverse with partnerships with Bored Ape Yacht Club, GMoney, and PUNKS Comic, stating that digital worlds that constitute the metaverse will be a place “where anyone can express their most original ideas and be their most authentic selves.”Alongside this, it was revealed that Adidas purchased Ape #8774 — a blue-furred, heart-bespectacled ape with a fisherman’s hat and gold hoop earning — on Sept 17th for 46ETH, a little over $150,000 at the time.Upon the announcement, the ape was displayed in an Adidas tracksuit sporting the logos of the three respective partners, as well as a side-ways Adidas logo.#NewProfilePic pic.twitter.com/Dve8TbXT9k— adidas Originals (@adidasoriginals) December 2, 2021Related: NFT sales aim for a $17.7B record in 2021: Cointelegraph ResearchGMoney spoke about his role in supporting the brands entrance into the space in a culturally-conscious way, stating:“I have been speaking to them since April, helping to guide them in their strategy, offering feedback on ideas, to make sure that they enter the space in a truly authentic manner. And I think we’re seeing that play out now, as Adidas has had the most authentic entry into the space so far.”Over the last few months, a number of established corporations, celebrities and cultural influencers have declared their intentions to develop or participate within the NFT and metaverse space as the opportunities of the Web3 become evident.On Dec. 14, fellow sportwear brand and direct competitor Nike unveiled their presence in the metaverse space with the acquisition of virtual sneaker brand RTKFT. The undisclosed purchase succeeded RTFKT’s highly-successful CloneX avatar drop, an NFT project Cointelegrpa discussed in-depth with one of the co-founders, Chris Le in early October this year.

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Jenkins the Valet founder wants to create a decentralized Web 3.0 content company

“My mom cried when I got the job as valet at the Bored Ape Yacht Club, one of the preeminent social clubs for apes. She hooted and grunted and peeled open one of our finest bananas. “Jenkins,” she said, “you’re going to rub shoulders with some of the finest apes from around the world.” I rolled my eyes. She had a knack for embellishment, and I was only going to be a valet, after all.”Jenkins the Valet is a wide-eyed, brown-furred service ape rather ordinary in appearance, but in the attire of his work vest and Irish boho hat, widely regarded as a diligent professional, true embodiment of discretion and perhaps one the most boring apes in the Bored Ape Yacht Club (BAYC) universe.While originating as another token in the BAYC, Jenkins has since evolved into a project and story, in and of itself. Jenkins is voiced across various platforms by an anonymous individual who studied creative writing at college and spent the last six years working as a product manager for a large consumer technology company. Jenkins partner, Safa, is a self-described serial entrepreneur, and has a full-stack marketing background and runs his own creative agency.Six months ago, Jenkins revealed his affiliation for storytelling, and in doing so, his intentions to reveal unfathomable secrets, first-hand accounts, and quite possibly, suspicious criminal activity within the Bored Ape Yacht Club.In the words of Jenkins himself, “Hell, I even killed a man.”The Writer’s Room NFT Collection. Source: Jenkins the ValetJenkins the Valet: The Writer’s Room is a collection of 6,942 nonfungible tokens (NFT’s) that serve as virtual compasses to the creative direction of Jenkins metaverse tales, the first of which will be a full-length fictional novel, supported by global talent agency Creative Artists Agency, and written by New York Times best-selling author, Neil Strauss.Categorized into four tiers, Writer’s Room NFT’s ascend in voting power from the lowest-value Valet Ticket with five votes, to the Yacht Key and Valet Stand, which hold 10 and 50 votes, respectively, through to the premium WAGMI yacht, which grants 215 votes.These owners are designated exclusive chairs at the table in Jenkins’ illustrious Writers’ Room, a phrase synonymous within the filmmaking industry, but here in Web 3.0, represents a digital portal to facilitate questions and proposals posed by Strauss and fellow community members on the genre, plot, characters and general concept of the narrative.Character participation within the novel will range from a simple acknowledgment to a main character feature, depending on their asset’s level. Once the book is published, licensors will be entitled to 50% of net profits from all forms of distribution, including the NFT book’s primary sale, commissions from the secondary marketplace and royalties from physical sales as well as film and television adaptions of the work.Overseen by metaverse firm Tally Labs, the project is supported by a six-team advisory board that includes Fractional founder Andy Chorlian, Redbeard Ventures founder Drew Austin and investor Gmoney.Throughout Cointelegraph’s conversation with Jenkins and Safa, it was clear that the pair view this project as a propitious intersection of their respective interests, skillsets and career backgrounds, and as such, signifies the pinnacle of their creative endeavours until this point.This Zoom interview has been slightly adjusted for clarity, and condensed to suit reading constraints..@jenkinsthevalet x @Cointelegraph Probably nothing. Soon. pic.twitter.com/LNyY1zNVPt— Jenkins The Valet (@jenkinsthevalet) December 1, 2021Cointelegraph: Jenkins, Safa, thanks for joining us today. First of all, can you tell us your current roles within the Jenkins project, and what does that entail day-to-day?Safa: We both wear a ton of hats, but generally anything tech-related goes to Jenkins. This is as well as writing, the voice of the character that you see on socials and Town Halls, and the overseeing of our entire development team.I do a lot of the marketing, social media strategy, finance and operations. We both do community management. Honestly, aside from tech, we both overlap quite a bit.Jenkins: There’s one other thing that I would say that you do (Safa) that I think is really important. You gave me credit for the Jenkins voice, but you have built the Jenkins brand, and you spend a lot of time thinking about the way the project is perceived by others. I think that’s something our community, and the community at large really admires about our project.Jenkins cites the physical valet stand displayed at NFT NYC last month as a prime example of how Safa’s branding experience enabled them to converge their social audience to a physical monument, and how that was appreciated by the community.S: From running an agency, I have a lot of experience working with clients and designers overseeing visual and brand identities, and so we’ve tried to treat Jenkins that way. Not just visually, but in our messaging, how we look, feel, the pillars that we’re built on, and what the community can expect. It’s all been very intentional on our end.CT: Let’s talk about Creative Artists Agency. How do you expect them to support the project’s vision and propel the Jenkins brand to a wider audience?S: It’s almost impossible to put into words. Their job as an agency is to represent storytellers. As a business, they have grown through many different eras of creation and distribution, and this is something that they view as the next frontier.They see us in the same way as their directors, artists, actors and people who are telling great stories, but they also recognize how different a world we’re playing in, and they trust us to operate in that way.Principles that hold for traditional entertainment and distribution don’t hold here. Everything that happens in the NFT and the Web 3.0 space is community first. We don’t have customers, we have partners, collaborators and community members.Creative Artists Agency will be our liaison into every corner of the traditional world in terms of movies, film, TV, podcast, animation. And it’s already started. As focused as we are on making book one, projects two and three and their own forms of media are already underway.J: I don’t think we see book one as being the first in a series in the way the first Harry Potter book ends with his first year at Hogwarts, and then the second book is his second year.We have two thoughts on how this book can impact future media. First, if the book can stand-alone as a really great work, then we could make direct derivates in other formats like film or animation.The other is that this book will introduce people to Jenkins in a larger format than we’ve already done (shorter stories on Twitter). Simply by having a work by Jenkins out in the world, we think that it will guide us into other forms of content that wouldn’t necessarily be sequential in plot but would utilize the brand.This is a bit of a funny analogy, but I think something like Scooby Doo where the characters and theme may be similar, but what happened last time doesn’t necessarily matter for what happens next time, except for the fact that you know a little more about who the characters are.Online voting portal. Source: Jenkins the ValetCT: Moving onto Neil Strauss. What was his initial receptiveness to the Jenkins project, and has he provided any insights into what’s intrigued him, stories which have stood out in his research, or possible questions for the community portal?S: Neil is native to the space, so immediately understood it, which was super cool.On gaining assurance that they’ve made the right decision in choosing Strauss, Safa tells the story of when someone asked Neil how he feels about writing fiction, to which he responded: “I’m not writing fiction, I’m writing a memoir on Jenkins the Valet.”J: Right now, Neil is just trying to wrap his head around the space, our community and who Jenkins the character is. Once we begin licensing characters and he is provided new context, it will give him more space to ask new questions to the group.But Neil doesn’t need every character to start writing background, setting and things like that. The idea is that Neil would write a bit, and then people would get to read what he’s written, which in turn could trigger new proposals or votes.CT: In terms of submitting proposals, does that cost one of your voting rights?J: No. The voting power is applied to every single proposal. If you have a ticket, you can apply five votes to every single option. So, you don’t lose votes, and submitting proposals doesn’t cost you anything.CT: Would you ever consider the idea of granting additional voting rights to people whose proposal submissions are successful?S: We’ve played with the idea of — and this wouldn’t be the official term — “reputation scores” where we’re able to evaluate how many times people have voted, not necessarily correctly, but on the side of the winning choice. We hadn’t thought to integrate proposals being successful, which is an interesting one.After months of work, we are LIVE with the Writer’s Room.This is a custom Web3 application where you can vote on the outcomes of our content, license your Apes to earn royalties, and partner up to license other people’s Apes.Check it out HERE : https://t.co/2VYlQQiwnE pic.twitter.com/E1g7SdV5Wd— Jenkins The Valet (@jenkinsthevalet) November 28, 2021

CT: What are your expectations for the community portal?S: Had we decided to do something way less ambitious, we’d have probably launched already and started writing. We’ve seen a few other projects happening on Discord, but we felt that we needed a really integrated portal to house this project, which would yield the best experience.The portal is going to be industry leader, the best in class. I don’t think we’ve seen anything like it in the space, and so we’re excited to share it with the world. We’re definitely going to open-source our licensing agreement, and we might even open-source the portal down the line.CT: How will the licensing model operate, and how will this impact the process of writing?J: When you licence an avatar to the book and sign the licensing agreement, an optional form pops up that allows you to give us a name and backstory of your character. After a couple of weeks, we’re going to have a map of licensed avatars, their names and backstories.We can then query the database and maybe see that there are six astronauts, some mutants with similar traits, three people who are part of the ape mafia. Once you have all that, it becomes much easier to imagine what the story could become.CT: Looking ahead to the Jenkins Roadmap 2.0. How are you envisioning that experience for Jenkins NFT holders?S: Roadmap 2.0 will be kicked off by the book one NFT sale. We believe that by then, Writers’ Room NFT’s will have increased in value and book one will represent a lower entry point for more people entering the ecosystem, similar to what Mutants did for BAYC.J: We’ve said publicly that Roadmap 2.0 will have a bit of game theory. Books will be able to be burned or held, which will kick off a series of options for holders with different utility, depending on which direction you take it.Sorry that it’s cryptic, but this has been an incredibly well thought-out and strategic project. We’ve been deliberate about dropping Easter eggs for a very long time, and so there are a lot of disparate things that we’ve put out that will come together to explain different aspects of Roadmap 2.0. Honestly, we’re really proud of that and excited for people to start making connections and discovering the clues. We’ve had a few conversations with community members where someone has said I saw this and this and this, and I think they’re going to come together in this way. And the two are us are like damn, they’re on it!Depiction of valet stand. Source: Jenkins the ValetCT: Wen DAO?S: I don’t know that everyone will take the time to be deliberate in building DAOs [decentralized autonomous organizations] in a structurally compliant way, but that’s what we’re doing. We’re surveying multiple top blockchain law firms that have worked with some of the biggest crypto native companies, and planning out the vision with them.We’ll be pursuing that route so we can bring our community with us as we grow. That’s a core thesis of the Writer’s Room and we think DAOs are a good way to accomplish that.CT: And finally, what does the future of Jenkins the Valet look like?J: Our ambition is to create a decentralized Web 3.0 content company where the lines are blurred between what it means to be a consumer and a contributor.We believe that we are building an infrastructure, brand and character where our community are also creators and participators in a content company that the two of us, at least, think that we’re going to work on for decades.

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