Boring Ape “penetrates” into the mainstream world, helping the NFT market to recover

The Bored Ape Yacht Club series, which debuted in April this year, is undoubtedly one of the most popular NFTs on the market because it provides users with a wealth of choices and diversified features. In this series, each The characteristics of apes can be randomly generated by algorithms, so each ape has a unique background style, clothing, earrings, eyes, mouth, and fur. This undoubtedly meets the needs of today’s people to show their individuality. The well-known celebrities such as Jimmy Fallon, NBA player Stephen Curry and billionaire investor Mark Cuban are also holders of the Boring Ape NFT.

According to CryptoSlam data, this silly simian based Ethernet Square of NFT series of sales in the secondary market has exceeded $ 1 billion. The creator of the series, Yuga Labs, also sold 10,000 additional Boring Ape NFTs in late August, and generated $96 million in sales within one hour.

Expanded to the music “meta universe”

On November 12, the music record company Universal Music Group announced that they will form a “meta universe” group-Kingship. Universal Music Group takes Gorillaz (gorilla), a virtual band with a long history as inspiration, uses the quartet characters depicted in the Boring Ape Club NFT series as the protagonists, and uses encryption technology to construct a virtual band.

[Gorillaz (gorilla) is a British virtual band founded in 1998 by musician Damon Albarn and artist Jamie Hewlett. The band is mainly composed of four animated members: 2-D, Murdoc Niccals, Noodle and Russel Hobbs. The virtual band world they built is presented in the form of music videos, interviews and short films. ]

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Image: Gorillaz Virtual Band

Kingship is also a virtual band consisting of four members. Based on NFT, there is no physical identity corresponding to real characters. This may become a wave that will change the way we look at artists. Kingship will consist of a mutant ape and three boring ape characters, including the rare golden retriever and blue beam ape.

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Picture: Virtual band based on Boring Ape—Kingship

Currently, these 4 Boring Apes NFTs are owned by Jimmy “j1mmy” McNelis, a well-known crypto collector, who is cooperating with Universal Music Group to provide prototypes for Kingship. Jimmy believes that Kingship represents “a new realm of NFT ownership.”

With the development of meta-universe technology, Universal Music’s subsidiary at 10:22PM will develop music and background stories for the Kingship band, and then “act” in animation and virtual worlds. Universal Music also plans to release NFTs based on the band, which can be used for events such as virtual fan meetings, and will allow existing Boring Ape Club NFT holders to preemptively purchase them.

Just one day later, the legendary hip-hop producer Timbaland announced that he would also form a “meta universe” band around the character of the bored ape. And has established a new entertainment company and platform Ape-In Productions, which will develop music and animation for the band. The Ape-In platform will also cooperate with many owners of the Boring Ape series NFT.

According to reports, the company’s first attempt was a virtual hip-hop band called TheZoo. The first song “ApeSh!t” recorded by Timbaland himself will be released on November 17 with the NFT collection.

Timbaland said: “We have established a new entertainment platform in Metaverse, and return creative control and long-term ownership to artists. This concept is very important to us.”

Or will “enter” the film and television industry

Yuga Labs, the creator of the Boring Ape series, announced last month that it has signed a contract with Guy Oseary, its own music manager and technology investor, to explore various potential forms of media opportunities, including movies, TV, music, and video games. Oseary is also the co-founder of the venture capital firm Sound Ventures. Through Sound Ventures, Oseary has invested in crypto companies such as Dapper Labs and OpenSea .

Kingship’s band manager Nicholas Adler said that he is currently collaborating with another well-known crypto collector, McNelis, to jointly study the background story for each boring ape character, such as adding popular elements such as laser eyes.

Adler said: “Our goal is to creatively wrap the characters of the Boring Ape, and build personalities for different characters. Now Universal Music is developing a voice for the Boring Ape; and we are developing stories and narratives. I think that as we develop, Projects, processes and music will become things that consumers and fans can easily see on the Internet.”

Get heavy support from the mainstream world

Beginning last week, Rolling Stone magazine has collaborated with the Boring Ape series to release 2,500 limited-edition paper magazines, each with a Boring Ape on the cover. Last Wednesday, the digital version of the magazine was auctioned on the Superare market as an NFT. As of writing, the auction ended in 18 hours. The auction price has soared to 28 ETH , which is equivalent to US$131,600.

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Pave the way for the “entry” into the mainstream world

Yuga Labs, the creator of Boring Ape, filed a trademark application for the term “APE” with the US Patent and Trademark Office on November 6 for development software for cryptocurrency, online games, computer software platforms, and custom blockchains.

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Last month, the Hollywood agency Creative Artists Agency (CAA) signed a cooperation agreement with the famous NFT collector 0xb1 to commercialize his personal NFT collection, including Boring Ape Club NFT and Mutant Boring Ape NFT.

In addition, the boring apes have also increased their exploration in the encrypted world .

Yuga Labs plans to launch the first quarter of 2022 based on Ethernet Square bored ape encryption currency. The token can be used to reward NFT holders, as well as for governance in DAO, and ultimately help Boring Ape to expand into the DeFi field.

NFT is like the ownership contract of rare digital items recorded on the blockchain. It can take the form of personal profile pictures, digital illustrations, music files, etc. NFT became popular on Ethereum in 2018, but it was not officially “out of the circle” until this year. Christie’s was the first auction house to take action, followed by Sotheby’s. The addition of traditional giants such as Visa and Budweiser has also brought vitality to the NFT market. The NFT market showed explosive growth during 2021, but due to the sluggishness of the crypto market in the third quarter, the NFT market returned to rationality and market activity continued to decline. Some members of the crypto community believed that the NFT market had entered a “winter”.

Inspired by the Kingship virtual band, the sales of Boring Ape NFT increased by 900% overnight, while sales of the derivative variant Boring Ape NFT increased by 1,100%. The daily transaction volume on OpenSea ( Ethereum Chain), the leader in the NFT market, jumped from approximately US$48 million to US$105 million. The last time the daily transaction volume on OpenSea reached US$100 million was on October 15th, transactions in various NFT markets The amount is also warmed up simultaneously.

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In general, the current development of NFT is only in its infancy, and the short pre-cooling does not mean the decline of the NFT track. With the continuous expansion of the NFT “out-of-circle effect” and the gradual integration with the meta universe, blockchain games, and DeFi fields, the future is bright.

risk warning:

According to the “Notice on Further Preventing and Disposing of the Risks of Virtual Currency Trading Hype” issued by the central bank and other departments, the content of this article is only for information sharing, and does not promote or endorse any operation and investment behavior. Readers are requested to strictly abide by the laws and regulations of their regions. Participate in any illegal financial activities.

Posted by:CoinYuppie,Reprinted with attribution to:https://coinyuppie.com/boring-ape-penetrates-into-the-mainstream-world-helping-the-nft-market-to-recover/
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