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Bored Ape Yacht Club sales spike 900%
OpenSea had an excellent comeback yesterday as ETH traded daily doubled on the platform $48 million to $105 million. The credit for this boost goes to BoredApeYachtClub, as it spiked tenfold in the last 24hours.
BoredApe? It is a collection of 10,000 NFTs. Each image is a portrait shot of a cartoon ape generated from a combination of up to 170 possible traits. The NFTs are stored as ERC-721 tokens on the Ethereum blockchain. According to NFT data aggregator CryptoSlam!, the sales volume of Bored Ape Yacht Club (BAYC) NFTs went up 900% overnight, while sales of spin-off Mutant Ape Yacht Club (MAYC) are up 1,100%.
Why spike? The volumes could be going up because of a spate of partnerships being announced recently. Universal Music Group, the biggest record label in the world, announced that it would be forming a group called Kingship, a Gorillaz style metaverse. The avatars for the group will be based on Bored Ape Yacht Club NFTs owned by legendary collector Jimmy “j1mmy” McNelis. Similarly, other club members have signed deals to commercialize their assets.
Legendary hip hop producer Timbaland announced on Friday that he’s also starting a metaverse band composed of BAYC avatars. To align with the project, Timbaland is also setting up “Ape-In Productions”, a new company that will produce music and animations for the project. The company will release its first song called ‘ApeSh!t’ on Wednesday, performed by TheZoo.
BAYC creators, Yuga Labs, also filed a trademark application with the US Patent & Trademark Office for the word “APE” to be used in cryptocurrencies last week.