Eminem, the rap musician, is the latest to join the non-fungible token (NFT) bandwagon, having purchased his first Bored Ape Yacht Club (BAYC) for 123.45 Ether ($452,000). (Rs 3.36 crore). BAYC NFTs are a popular collection of 10,000 unique bored apes made by Yuga Labs, for those who don’t know.
What is an NFT?
A non-fungible token (NFT) is a digital asset that uses blockchain technology to track who owns digital objects such as photos, videos, and even in-game assets. Though the public can examine the digital assets, only people who possess them can claim to be the official proprietors of such NFTs. Following his purchase of BAYC NFTs, Eminem updated his Twitter profile picture to an Ethereum-based ape, and he is said to have already acquired roughly 15 NFTs from OpenSea, one of the most popular NFT marketplaces.
Eminem’s distinctive Bored Ape image is dressed in a khaki army helmet and a gold chain necklace in the design, called “EminApe.” GeeGazza, a member of BAYC, sold the digital artwork. Later, GeeGazza announced on Twitter that the deal being a reality is “crazy.” He said, “I’m living in a simulation.” For months, the BAYC member has been attempting to persuade Eminem to purchase “EminApe.” “I still believe Eminem is destined to acquire my Bored Ape one day,” GeeGazza tweeted back in November. “You have no idea how long I’ve been manifesting that Eminem buys my ape,” were his additional statements with regard to the purchase of the NFT by the famous rapper.
Eminem, also known as Slim Shady, broke the news of his lavish purchase by changing his social media profile photos to the BAYC token, and Twitter hasn’t stopped talking about it since.
The ‘EminApe,’ was purchased through digital agency Six, which has previously handled NFT transactions for celebrities such as Wu-Tang Clan, Tycho, and Galantis.
Those interested in joining the BAYC NFT should know that the minimum price is now 52 Ethereum, which is roughly $210,000. Eminem presently owns roughly 166 NFT digital assets from the 32 collections, according to the website dappradar.com. BAYC NFT is currently owned by a slew of well-known celebrities, including basketball legend Stephen Curry, musician Post Malone, and even American TV host Jimmy Fallon. Meanwhile, the creators of the well-known BAYC NFT collection stated last October that they will be releasing their own Ethereum-based crypto-token in early 2022. The current minimum price for one BAYC NFT is 52 Ethereum, which is approximately $210,000.
Who’s the NFT kingpin?
Snoop Dogg, for example, revealed himself as NFT kingpin Cozomo de’ Medici in September, but Mathers hasn’t talked about the deal on social media. A spokesman from Web 3 digital agency Six, on the other hand, claimed that the firm assisted Eminem in purchasing “the EminApe.” GeeGazza, a member of the BAYC, also tweeted that the artist had purchased the NFT. (Since July, he’s been pleading with Eminem to purchase the NFT.) Previous Eminem investments have ranged from a sneaker firm named StockX to a pop-up diner/merchandise store called Mom’s Spaghetti.
More about NFT updates
According to Defi Llama, a blockchain data aggregator, the “Bored Ape Yacht Club” collection of NFTs, which gained popularity in 2021, generated more than $1 billion in total trading volume and reached 6,082 owners globally. As the NFT movement gains traction, celebrities such as Snoop Dogg, Kings of Leon, The White Stripes, and now even Melania Trump have launched their own initiatives. Christie’s sold $150 million worth of NFTs in 2021, and Ferrari revealed just a few weeks ago that it will soon be issuing special digital collectibles on the blockchain.