Blockchain games developer and investor Animoca Brands has partnered with Bored Ape Yacht Club creators Yuga Labs to use the non-fungible token’s (NFTs) intellectual property (IP) in a play-to-earn game to launch in the second quarter fo 2022.
The Bored Ape Yacht Club (BAYC) launched earlier this year as a collection of 10,000 unique NFTs of ape-like characters with over 170 different possible traits that vary in scarcity and consequently value. Each Ape originally sold for .08 ETH, but the collection is now estimated to be worth $3 billion and a single NFT was sold for $3.4 million at Sotheby’s.
Noting the popularity and “trendiness” of the collection among the NFT community, some brands are betting on its potential for monetization and as a tool for brand positioning. Universal Music and Timbaland productions each launched their own music groups with Bored Apes as members and Adidas is branding one NFT with its merchandise.
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