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

The “web3” area has had a lot of terrible news lately, but judging by the announcements made during and around the just-completed NFT.NYC and ApeFest 2022 events, you wouldn’t know it. The Roots, LCD Soundsystem, Haim, Lil Baby, Lil Wayne, and other artists performed for the members of the Bored Ape Yacht Club (BAYC) during its annual event. Visitors saw the world premiere of this film, which was created by two of the superstars that bought tokens: Eminem and Snoop Dogg, on the event’s last day.

From The D 2 The LBC is a new song with a video that often intercuts pictures of the cartoon apes despite not being the most memorable of collaborations and being largely about using marijuana. Many BAYC members were dissatisfied in February when both men participated in the Super Bowl halftime show and, although doing so at a time when cryptocurrency advertisements seemed to be every few minutes, failed to draw attention to their web3 initiatives.

After reaching a high of more than $23 in late April, the price of ApeCoin has fallen by 39 percent in the last month to $4.51, while the prices of Bitcoin and Ethereum have also decreased by approximately 38% over the past year. The stats haven’t changed much since The Wall Street Journal reported on May 3rd that “NFT Sales Are Flatlining.” In that article, Doggy #4292, an NFT from Snoop’s personal collection, was mentioned as having been sold for more than $33,000. The item is being up for sale by its owner for close to $11 million, and although the highest bid was $210 at the time of the publication, it is currently being offered for $1,218. From this website’s source, you may see the animation for free or download a high-resolution still of it.

Despite this, BAYC owners may now point to songs that use the club’s characters that they paid a lot of money to join. Additionally, they saw the real Snoop Dogg perform, not the false one that some web3 firm deceived folks with at NFT.NYC this week.

Both of the rappers’ NFTs were purchased via third parties in December, close to the period of the most recent peaks in the values of Bitcoin and Ethereum. Eminem’s Bored Ape #9055 was purchased for 123.45 ETH after a trade carried out by the digital firm Six. That was worth around $460,000 at the time, but it is now comparable to approximately $150,000.

Snoop Dogg’s ape symbol, #6723, was transferred from the previous owner’s wallet, not sold for a price that was recorded on the blockchain, and MoonPay made this possible. Although it is difficult to trace precisely how these celebrity-affiliated tokens were acquired and who really paid the much-publicized amounts, the firm has concentrated on making it simple for celebrities to purchase expensive NFTs.

The Bored Ape Yacht Club’s plan includes granting token owners the right to use the apes’ photographs for their personal or professional projects, but it’s unclear why or how this will win over more individuals who haven’t shelled out six figures for an NFT. According to them, this is the start of a new media sector where intellectual property rights are connected to digital tokens and everyone involved benefits from the commercialization.

You may read our explanation of the current situation right here. The reality concerning NFTs and copyright is far more nuanced than that. However, for the time being, the parties continue, and Yuga Labs, the proprietors of BAYC, may continue to entice members to remain there by offering them stuff and promises of property in a future metaverse.