Celebrities are suffering severe losses on their Bored Apes purchased at the height of the NFT, but well-known brands like Sony and Adidas are expanding their presence in the market.
Celebrities suffering enormous loses due to BAYC NFTs
Many celebrities, including musician Justin Bieber, invested in the Ethereum-based nonfungible token (NFT) collection as a result of the hoopla surrounding the Bored Ape Yacht Club (BAYC) over the past year.
On January 29, Bieber paid 500 ETH for BAYC #3001, which at the time was worth over $1.28 million. In contrast, the current top bid on the NFT cracks is just over $69,500.
The floor price for the collection has significantly decreased since it peaked at 144.9 ETH on May 1 of this year, which at the time was worth around $396,760, to a current low of 48 ETH, which is currently worth $58,589, according to data from NFT Price Floor.
The Yuga Labs made NFTs became a “blue chip” collection, and many other celebrities rode the hype wave, including businessman Gary Vee, who still has a number of Bored Apes in his 2,400-strong NFT collection, and TV host Jimmy Fallon, who purchased BAYC #599 for $224,191 on November 8 and has a current top offer of $70,264.
Even then, BAYC #8633 was purchased from digital art collector Pransky on November 17 for around $747,500, demonstrating that there is still a significant market for Bored Apes with unique characteristics.
The Sussexes are in discussions over a “virtual universe”
According to a November 15 Mirror report, Prince Harry and Meghan Markle are “in advanced talks” with pax.world, a website that enables users to build their own metaverse.
According to sources, Markle is the idea’s main proponent. The metaverse has so been cleverly called the “Meg-averse.”
The rumored metaverse is seen as a method “to take their brand totally global” by the once active royals, who are reportedly searching for new ways to communicate with their followers.
The metaverse, according to pax.world founder Frank Fitzgerald, is ideal for the couple’s target market of “progressive, tech-savvy” individuals as they expand their business. He added that the platform is providing the couple with “a piece of valuable pax.world land.”
Adidas Originals releases a line of “virtual gear”
On November 16, Adidas unveiled the Genesis collection, an Ethereum-based NFT line that includes wearables made for virtual avatars.
Calling the new product Virtual Gear, the sportswear giant has labeled the collection as a “new, interoperable product category,” adding:
It “[s]trengthens web3 and the adidas community-based, member-first, open metaverse commitment,” according to our combined effort.
The 16-piece collection will allow users who own a wearable Adidas NFT and a participating partner’s NFT to “dress up” that NFT with their Adidas virtual wearable, expanding on Adidas’ partnerships with BAYC, Mutant Ape Yacht Club, and Inhabitants.
Owners of the May-released Adidas Originals: Capsule NFT Collection will be able to burn their current NFT and exchange it for a random NFT from the new line.
Nic Galway, senior vice president of creative direction for Adidas Originals, commented on the collection and said Web3 adds a “level of utility that can be explored and even discovered as worlds and avatars take new forms” and offers new opportunities for its designers and collaborators.