There is still a lot of money being made from NFTs. 9GAG and sister company Memeland have issued $1.5 million worth of Ethereum for 8 Bored Ape Yacht Club (BAYC) NFTs.
Ethereum drops 2.26%
They even paid 800 ETH, which is worth about $1.5 million at current Ethereum rates. The current price of Ethereum today is EUR 1,512.22. In the past 24 hours, the price of Ethereum has fallen by 2.26%, representing a loss of EUR 34.25.
So much for today’s Ethereum update.
What does 9GAG have to do with cryptography and NFT?
9GAG is considered by many to be the mother of meme culture. Many toilet visits were enlivened and extended for years by the pranks and pranks that went on on 9GAG. At its peak, 9GAG had 200 million followers.
The team behind 9GAG released Memeland. This is a Web3 company that focuses on building a community. Their website states:
“Using blockchain technology, we want to invite you to join us and build our community and business together. As with everything 9GAG does, we like to under-promise and over-deliver. We don’t know how big Memeland will be, but we promise to do our best.”
This apparently includes buying expensive NFTs.
The most recent purchase is Bored Ape Yacht Club 4024, Memeland purchased for 94 ETH (about 140,000 euros). The most expensive of the eight NFTs is BAYC 2059, which was purchased for 133 ETH, equivalent to almost $200,000.
For millions in NFTs
Memeland and 9GAG have also created several NFT collections, including The Captainz, The Potatoz, and You The Real MPV. Cirrus crypto investor Divided a screenshot from the Memeland Discord channel stating that Captainz monkeys can be donated.
The 9GAG and Memeland team have many more NFTs in their digital gallery. According to Colin Wu, a blockchain analyst of sorts, the 9GAG address contains NFTs worth over 5,900 Ethereum. That is worth € 8.9 million today.
Have you read this entire article without knowing what NFTs are? That is amazing. Here’s a brief explanation.
What makes BAYC NFTs so special?
NFT stands for Non Fungible Token, in our language a non-fungible token. This digital currency represents a digital object, such as an image of a monkey wearing a hat. There is only 1 of each NFT and it is tracked on a blockchain.
This is a big difference with, for example, Bitcoin. One bitcoin is the other, so it doesn’t matter which bitcoin you own. NFTs, on the other hand, are all different “objects”.
The special thing about Bored Ape Yacht Club is that buyers also get commercial rights to the images. For example, Hollywood actor Seth Green uses his monkey as the protagonist in a new television show. In April, restaurateur Andy Nguyen opened a Bored Ape Yacht Club restaurant in California called Bored & Hunger.
Bitcoin also wants to join
The Ethereum blockchain hosts the most NFTs last week with $181 million in revenue. Solana ranks second according to Cryptoslam with a weekly volume of €25 million. As of this year, NFTs are also “welcome” in Bitcoin, but the numbers are nowhere near those of other popular NFT blockchains.
Editor wanted
Did you enjoy reading these articles and want to contribute to our content? We are looking for a new editor-in-chief with a deft pen and solid knowledge of the cryptocurrency market. View our vacancies here and respond immediately!
Source: Btc Direct
Source link
Barry Siefert is an accomplished journalist and author at The Nation View. He is known for his expertise in the field of cryptocurrency, and has written extensively on the topic. With a background in finance and economics, Barry has a deep understanding of the underlying technology and market forces that drive the crypto industry.
