News hardware NFT: two rap legends reconcile thanks to the Bored Ape Yacht Club (BAYC)
While the NFT industry hasn’t been at its best in recent times, it still manages to unite real communities. Bored Ape Yacht Club (BAYC), one of NFT’s largest collections, has notably managed to bring together two rap legends around the same show.
The NFT Bored Ape Yacht Club (BAYC) and their unifying power
By involving the community at the heart of their development, the Yuga Labs studio collection has managed to create a true communion between the owners of Bored Ape. As the name suggests, Bored Ape have the feeling of belonging to a private club.
Although there are only 10,000 monkeys in NFT, that hasn’t stopped the Bored Ape community from taking over the internet for some time. The collection made a lot of noise and also quickly affected several personalities from the entertainment world.
However, two seem particularly involved in the Bored Ape Yacht Club … The so-called Snoop Dogg and Eminem are ardent followers of bored-looking monkeys. The situation of the NFT market, in fact, does not seem to worry the two rappers too much as they constantly promote their “blockchained” virtual certificate.
While the two rappers were cold following some comments from Snoop Dogg regarding a demotion of Eminem, they made peace under the effigy of the NFT Bored Ape. Last June, with the clip “From the D 2 the LBC”, Eminem and Snoop Dogg put themselves in the shoes of their avatars Bored Ape – the perfect opportunity to make up.
In addition to the reason for the reconciliation, the clip illustrating the Bored Monkeys has been a great success with 48 million views at the moment.
Bored Monkeys at the MTV Video Music Awards
So, after this episode, the artists decided to repeat the experience on stage during the MTV WMA 2022. The event that took place last Sunday rewards the best clips of the year.
Always very enthusiastic about the idea of web3 technologies, Snoop Dogg and Eminem once again turn the spotlight on the metaverse and NFTs. Specifically, the two artists took advantage of this opportunity to perform in the Metaverse Otherside proudly embodying their respective NFT Bored Ape
Respectively the bored monkey.
The unusual performance came as a surprise to everyone, especially as the two rappers haven’t been on stage together since 1999. So, it’s safe to say that NFT technology adds a key role in the reconciliation of these two legends.
The event also allowed rappers to democratize the uses of NFTs once again.
The utility of the property rights of bored monkeys
While many see NFT technology as virtual art, some push its use further by using the intellectual property rights they offer, as demonstrated by the use of Snoop Dogg and Eminem’s Bored Ape. Using the Bored Ape in their art, they are commercially exploiting their monkey-headed avatars.
This notion of intellectual rights is fundamental in the NFT ecosystem. In fact, most of the collections issue, in addition to the work, exclusive rights to the owner of the NFT.
Therefore, many holders have taken advantage of their NFT to promote various businesses. At the heart of the speculative bubble, some members of the Bored Ape Yacht Club took advantage of their NFT to get a stepping stone and work as an advisor. As the collection was very popular, the majority considered the club members more than legitimate stakeholders.
What is an NFT?
An NFT is short for Non Fungible Token or non-fungible token in French. NFTs are cryptographic tokens issued on a blockchain.
Leveraging this technology to the genesis of cryptocurrencies, NFTs register inviolable properties in this virtual ledger. Consequently, NFTs are true claims of digital ownership.
Is an NFT necessarily an image?
A distinction must be made between an NFT and the object associated with it. The non-fungible token, in fact, is above all a virtual ownership certificate and not the digital file as such. An NFT is usually associated with a photo or video, but it can also take the form of text, music, or any other digital or physical format.
What is an NFT for?
NFTs are generally used to enforce property rights online. Therefore, the owner of a token of a virtual work can collect royalties, guarantee respect for the intellectual property of its digital object, etc.
This feature has in particular allowed NFT to shine in art by creating value and rarity in digital images available on the web. Furthermore, beyond the art, this technology offers multiple uses in different sectors such as in video games, in the traceability of a product, etc.
How is the value of an NFT defined?
These tokens are not fungible, i.e. they have a unique value unlike cryptocurrencies, which are fungible (1 bitcoin = 1 bitcoin).
The price of an NFT is therefore arbitrarily set by the token owner. This price is usually in cryptocurrency, most often in Ether (ETH).
How to buy and sell NFTs?
NFTs are typically bought or resold on trading platforms such as Opensea or Foundation.
What is an NFT mint?
The “Mint” or strike in French, is the initial sale process of a token. To permanently join the blockchain ledger, these new tokens must be new. With this action, the user gets to complete a transaction with his fees to see his token appear in first person on the blockchain.