American Grammy-winning music artist Timbaland, who has over 1.72 million subscribers on Youtube, announced the launch of an entertainment brand Ape-In Productions (AIP), based around Bored Ape Yacht Club NFT’s.
Despite the growth of NFTs this year, skeptics still question what else can a URL image be used for other than viewing. Initiatives like AIP are showcasing utility for these digital assets that go beyond the value of ownership.
The Bored Ape Yacht Club was founded by Yuga Labs in April of this year and has since become one of the most successful NFT projects of all time, accumulating over $1 billion in total sales across two related projects, Bored Apes and Mutant Apes. Coingecko estimates the current market capitalization of Bored Apes at more than $2 trillion. Yuga Labs minted a total of 10,000 distinct Bored Ape characters, and the ownership of one or more NFTs gives membership to an exclusive club community of Ape collectors.
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