In recent months non-fungible tokens, commonly known as NFTs, have increased in popularity. Last year, Canadian musician Grimes, rock band Kings of Leon, and legendary act The Rolling Stones all sold tokenized art and music.
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The sought after “non-fungible” or rather non-interchangeable content, is stored on blockchain—the same database linked to cryptocurrencies such as bitcoin. Basically, almost any form of digital artwork can be considered an NFT—images, GIFS, videos, and of course songs and albums.
It appears that the uniquely valuable trend is revolutionizing the music industry; Most recently the world of Hip Hop. Eminem purchased a Bored Ape NFT, coined the “EminApe” last Thursday (December 30). XXL confirms that the NFT was sold by Bored Ape Yacht Club member GeeGazza. The NFT is reportedly worth 123.45 ETh (Ethereum cryptocurrency) or roughly between $425,000 to $450,000 USD. The newly purchased Bored Ape NFT, owned by Eminem, is currently the rapper’s profile picture on Twitter.
Bored Ape Yacht Club (BYAC) is a collection of 10,000 Bored Ape NFT collectables, which also grants exclusive membership access. Business Insider’s market vertical reports that Bored Ape Yacht Club is one of the most popular NFT sets on OpenSea, the largest NFT marketplace. Other celebrities that have purchased Bored Ape NFTs are Post Malone, Lil Baby, Future Timbaland, Steve Aoki, and The Chainsmokers.
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