Eminem recently purchased a Bored Ape Yacht Club (BAYC) NFT (non-fungible token) that resembles him. The NFT, featuring a white-furred monkey wearing a khaki cap, a gold jacket and gold chain necklace, was sold to the rapper by BAYC member GeeGazza. The asset dubbed 'EminApe' cost him around $452,000 (123.45 Ether).
GeeGazza later tweeted, claiming Eminem (whose current Twitter profile picture is his Bored Ape avatar) buying his ape was complete 'madness'.
Basic things to know about the Bored Ape Yacht Club
BAYC is a collection of 10,000 Bored Apes, with different and unique traits, created by Yuga Labs. Each of the Ape avatars serves as a ticket to a virtual social club. Like other NFTs, every one of these apes is a digital asset that uses blockchain technology to record who owns the original asset.
BAYC's current floor price (the lowest price you can buy a BAYC NFT for) is 73.5 ether, or about $280,000. As of today, these NFTs have generated over $1 billion in total sales.
BAYC is the second biggest NFT project of its kind (CryptoPunks being the first one). These virtual collectibles were first launched in April 2021 by four pseudonymous developers named Gargamel, Gordon Goner, Emperor Tomato Ketchup and No Sass. Within 12 hours all the 10,000 ape avatars were sold at the price of 0.08 ether, or around $190 each. For the first four months after its release, the price of these grew steadily before rocketing quickly in August 2021.
The BAYC is an online club in the truest sense of the words, with its hangout spot being Discord. BAYC allows the buyers to use their avatars for commercial purposes (selling prints, t-shirts, coffee mugs, etc.). According to reports, BAYC has donated a huge amount of money for charity purposes.
BAYC has organized get-togethers at places like New York, California, Hong Kong and the UK. Among other NFT brands, BAYC has collaborated with Adidas, which launched its first NFT project, Into The Metaverse. Celebrities who have made a BAYC purchase include Jimmy Fallon, Post Malone, Snoop Dogg and Lil Baby.