Snoop Dogg and Eminem’s Bored Ape music video is here to try to sell us on tokens

The last couple of weeks have been a lot of bad news for anyone in the “web3” area, but you would not know it by looking at announcements in and around the recently concluded NFT.NYC and ApeFest 2022 events. Bored Ape Yacht Clubs (BAYC) annual event especially brought musicians like The Roots, LCD Soundsystem, Haim, Lil Baby, Lil Wayne and others to perform for the members. On the last day of the event, guests watched the premiere of this video from two of the celebrities who have purchased tokens, Eminem and Snoop Dogg.

The video is for a new song, From The D 2 The LBC, which is not the most memorable of the collaboration and is mostly about smoking hashish, but it constantly splices in pictures of the comic book monkeys. Many BAYC members were disappointed in February when both men appeared on the Super Bowl halftime show, and despite appearing during an event that apparently featured crypto ads a few minutes apart, they failed to highlight their web3 efforts.

The price of ApeCoin has fallen 39 percent in the last month to $ 4.51 after peaking at the end of April at more than $ 23, while Bitcoin and Ethereum’s values ​​are also about 38 percent lower than they were 12 months ago. The Wall Street Journal wrote on May 3 that “NFT sales are flatlining”, and the numbers have not improved overall since then. That report quoted an NFT from Snoop’s own collection, Doggy # 4292, which sold for more than $ 33k several months ago. The owner is currently listing the item for sale at a price of almost $ 11 million, and while the highest bid at the time of the article was $ 210, right now there are some offering $ 1218. You can watch the animation or download high-resolution still images from the source site here, for free.

Despite this, BAYC owners can now point to music that uses ratings from the club they spent so much money joining. In addition, they got to see the real Snoop Dogg perform, not the fake that some web3 companies tricked people with. this week under NFT.NYC.

The rappers’ NFTs were both acquired via third parties in December, close to the time prices for Bitcoin and Ethereum’s latest peaks. In an agreement made by the digital agency Six, it cost 123.45 ETH to get Eminem’s Bored Ape # 9055. At the time, it was worth around $ 460,000, but it is now equivalent to around $ 150,000.

The monkey icon associated with Snoop Dogg, # 6723, was moved in a transfer from the previous owner’s wallet, not a sale with a price recorded on the blockchain, which was activated by MoonPay. The company has focused on making it easy for celebrities to buy high-priced NFTs, although it also makes it difficult to track exactly how these celebrity-related tokens were obtained and who actually paid the much-discussed prices.

Opening up the possibility for token owners to use the pictures of the monkeys for their creative or business endeavors is part of the Bored Ape Yacht Club’s strategy, although it is unclear why or how it will increase the appeal to people who have not used six figures on a NFT. As they see it, this is the beginning of a new media industry, with intellectual property rights related to digital tokens with revenue generation that trickles down to everyone involved.

The truth about NFTs and copyright is much more complicated than that – you can follow our explanation of the state of affairs here. But for now, the parties continue, with many things that BAYC owners Yuga Labs can sell to members who stick to, such as merchandise and promises of land in a metaverse that has not yet launched.