With non-fungible tokens (NFTs) making huge noise in 2021, it has been a dull market for many in 2022, as users have turned towards Metaverse.
To bring back action in the NFT space, popular rappers, Eminem and Snoop Dogg have made a music video for unique digital NFT collectibles, the Bored Ape Yacht Club built on the Ethereum blockchain.
The rappers performed the song live for Bored Ape Yacht Club members in New York last week and debuted the music video at the same time.
In the five-minute-long video, From The D 2 The LBC, both rappers impersonate Bored Ape, with Snoop Dogg smoking weed and the other singing. A story is told through their images as Bored Apes at regular intervals.
Both the rappers acquired Bored Ape when the crypto market was very high through a third-party purchase.
Eminem bought the Bored Ape #9055 NFT for 123 ETH, which was then valued at $460,000, now the price is around $150,000.
Whereas Snoop Dogg purchased the Bored Ape #6723 NFT via transfer from the previous owners’ wallet to Snoop Dogg through Moonpay, so no sale was shown on the blockchain.
The video showcased the Bored Ape cartoon characters that both the musicians own. The entire video project is just like an animation that they are pushing very hard to sell as an NFT project.
In the video, the animation is very well synced with the performance and the transition from real to the comic is very well done.
Just like crypto, NFTs are a very volatile asset class, so users are now looking at all aspects before buying any. In 2021, animal-based NFTs sold like hot cakes, but in 2022 things have changed.
So in order to promote it, NFT project owners are taking the assistance of musicians to generate interest among youth, as they are the people that drive the crypto industry today.
BAYC has focused on making it easy for celebrities to buy high-priced NFTs. Once the artist owns an ape, they can make sequels based on their original NFTs.
This can evince the interest of other musicians or celebrities that are looking to monetize their artwork of NFTs they are holding.
Roping in rappers like Eminem and Snoop Dogg, BAYC is looking to generate profits not only to them but also for other investors that are holding Bored Ape.
What is Bored Ape Yacht Club
Bored Ape Yacht Club (BAYC) is a collection of 10,000 Bored Ape NFTs, unique digital collectibles stored as ERC-721 tokens built on the Ethereum blockchain. When it was released, it was priced at around 0.08 ETH per NFT, now it has touched a minimum of 90 ETH per BAYC.
For holding Bored Ape, users get access to Yacht Club which provides users access to members-only perks, the first of which is THE BATHROOM, a collaborative graffiti board.
Each Bored Ape is distinct and computer-generated from more than 170 different qualities, including expression, headgear, attire, and other characteristics, as per Bored Ape Yacht Club website.
Global music industry
The International Federation of the Phonographic Industry (IFPI), which represents over 8,000 record companies worldwide, said in its Global Music Report 2022 released in March 2022 that the global recorded music industry had grown by 18.5% in 2021, driven by a growth in subscription streaming revenue that exceeded $25 billion.
Revenues from the paid subscriptions for streaming music increased by 21.9% to $ 12.3 billion. During the same period, paid subscribers increased to 523 million users, as compared to 430 million paid subscribers in 2020.
Musicians, creators, and producers from the music industry have been looking toward other areas to increase their revenues, and NFTs is one such area to exploit.
But, in order to keep the interest of youth in the NFT sectors, creators need to come up with new ways to reach and make them invest in the space they believe can provide them regular incomes.The only good news is that a user need not pay anything to enjoy this video, as it is available for no cost on an online video streaming platform.
