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Bored Ape Yacht Club

NFTs that “melt in your mouth”: BAYC partners with M&Ms

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The creators of the Bored Ape Yacht Club (BAYC) have exploited their permissive commercialization rights to incorporate their Ethereum NFT graphics into a variety of products, including toys, clothing, restaurants, and alcohol packaging. However, special edition M&Ms now allow you to consume a few Bored Apes.

Today, the candy company Mars revealed that it has reached an agreement with the label 10:22PM of Universal Music Group (UMG) to produce limited-edition M&Ms based on Kingship, a virtual band made up of the Bored Ape Yacht Club and Mutant Ape Yacht Club avatars.

Jane Hwang, vice president of Mars Wrigley Global, stated,

“Consumers’ expectations for what they want from their favorite brands [have] shifted, and at Mars, we know we need to be more innovative than ever with such a culturally famous brand like M&M’s.”

Jimmy “j1mmy” McNelis, an investor and businessman, founded the “metaverse band” known as Kingship using NFTs. This information was made public last November.

Following the example of the well-known virtual band Gorillaz, the label 10:22PM has developed characters based on the Bored Ape paintings and is writing unique music for the group, which will perform concerts in metaverse realms.

The band has also made available its own NFT “key cards” that grant owners exclusive privileges and access. Owners of NFT devices were granted priority access to the confectionery M&M’s.

As part of the agreement, Mars has produced branded M&M’s chocolate candies in restricted quantities that bear artwork of the Bored Apes and Kingship insignia. Just 10,000 of the candies in gift boxes and gift jars will be sold overall by Mars.

Partnership does not involve Yuga Labs NFT brand

The most well-liked project in the area is perhaps The Bored Ape Yacht Club. According to data from CryptoSlam, the NFT collection of Yuga Labs has produced almost $2.4 billion in secondary trading volume to date. Bored Ape-related NFTs have so far generated more than $5.6 billion in secondary trading when combined with follow-up and spin-off projects.

To be clear, neither Yuga Labs nor the genuine Bored Ape Yacht Club brand are partners in this M&M’s transaction. Instead, Bored Ape NFT owners can utilise their own photographs to make items and projects and, if they so choose, can licence that artwork to brands.

One such licence agreement is the Kingship agreement with UMG’s 10:22PM label, and this new Mars connection adds another layer to it. Additionally, photos of the bored ape have been used on the packaging of alcohol, marijuana, apparel, souvenirs, and more.

Bored Apes have also generated a lot of buzz in the music industry. Along with Kingship, popular producer and musician Timbaland has also created music centered upon his own Bored Ape alter ego. They further established a record label to encourage other musicians to follow suit.

Snoop Dogg is launching a dessert shop that is styled after one of his apes. The God of Rap, Eminem along with Snoop Dogg has also recorded a music video together that features their apes.

Singapore Court, Following a Dispute, Barred the Sale of Bored Ape Yacht Club NFTs

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In one of the first cases of its sort, a Singapore court has imposed a freezing injunction prohibiting the sale of a Bored Ape non-fungible token, which might have far-reaching implications for digital assets.

A court ruled that the NFT, from the famous Bored Ape Yacht Club series, should not be sold until an ownership dispute is resolved after it was foreclosed on as collateral for a debt.

According to Hagen Rooke, a lawyer at Singapore law firm Reed Smith LLP who wasn’t involved in the case, the law recognizes both fungible and non-fungible tokens as forms of property to which court injunctions can attach, and the NFT case is a consistent application of the same idea.

“It is the first decision in a commercial dispute where NFTs are recognized as valuable property worth protecting.” “So more than merely strings of numbers and codes imprinted on a blockchain, the implication is that NFT is a digital asset and people who invest in it have rights that can be protected.”

Shaun Leong, lead counsel for the case and equity partner of Withersworldwide

Singapore considered BAYC NFT as a valuable asset

The claimant, a Singapore resident who, according to the case filing, is a regular borrower on NFTfi, a platform that allows consumers to utilize NFTs as collateral for crypto loans, is a citizen of Singapore and is an active dealer in crypto and digital assets.

The defendant goes by the username chefpierre.eth. But the identity and physical whereabouts of the user, which is unknown, is a regular lender on the platform, according to the lawsuit.

According to the declaration, the BAYC NFT No. 2162 is “one of the Claimant’s most prized assets, and is irreplaceable to him,” and he has “no intentions to ever part with or sell it.” According to the petition, he used the NFT as collateral to borrow cryptocurrency because “because of its rarity and high value,” he could secure greater loans.

The claimant requested a refinancing of a loan for which the NFT in question was used as collateral in mid-April, but after some back-and-forth, chefpierre agreed to a limited repayment period. Chefpierre foreclosed on the NFT when the claimant was unable to pay, according to the complaint. In this instance, the claimant claims “unjust enrichment.”

A $350,000 Bored Ape NFT Was Sold for Just $115 – Accidental or Scam?

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In what appears to be a golden opportunity for an NFT buyer, a Bored Ape Yacht Club (BAYC) NFT was sold for 115 DAI ($115).

On Monday, the former owner “cchan” accepted a 115 DAI bid for BAYC #835, according to OpenSea statistics. The price at which the NFT was sold is 99.9% cheaper than the present floor price of the collection.

Mutant Ape #11670 was also sold to the same purchaser for 25 DAI ($25). The starting price for mutant apes is 22.6 ETH ($76,000).

While it’s vague why the owner would accept such low bids, it looks like cchan mistook DAI for ETH, causing the problem.

A pricey NFT error

Other collectors made three high-value offers for the Bored Ape, with values ranging from 75 to 106 ETH, but all were rejected. BAYC currently has a floor price of 106 ETH ($350,000) as of this writing.

The NFT in question, on the other hand, is wearing sunglasses and smoking a cigarette, two qualities that suggest it would sell for more than the current floor price.

Apart from being sold at a massive discount to the floor price, the transaction represents an enormous loss for cchan, given the BAYC NFT was acquired for 16 ETH in August of last year.

After the purchase, the new buyer claimed the Ape tokens from the ApeCoin airdrop. The buyer received 12,136 Ape tokens worth $180,000.

The owner disclosed that he was “in the process of working things out as well” when contacted following the publication of this item. He maintains a high level of protection on his accounts, especially while traveling, and would be “hard pushed to label it a hack,” he added.

The owner went on to say that they were on vacation and hadn’t done any business yet.

The previous owner had to approve their wallet to connect with DAI, which is a strange scenario component.

This means they’ll have received a transaction seeking authorization, suggesting that the payment wasn’t made using ETH. Bored Ape and the Mutant Ape collectively were sold by him in a minute, indicating that the seller approved both offers simultaneously.

It’s still unclear if this was a deliberate move or a hack.

Kevin Hart adds Bored Ape Yacht Club NFT worth 79.5 ETH ($200,401) to his portfolio

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Kevin Hart is one of the highest-paid American stand-up comedians and actors with over 36.9M Followers on Twitter and 135M followers on Instagram. He is one of the recent celebrities to jump on the NFT bandwagon.

Kevin recently purchased the Bored Ape NFT for 79.5 ETH #9258 ($200,401). Moonpay facilitated his purchase of a Bored Ape Yacht Club NFT.
The announcement was made by Morgan, the founder of Breaking NFT News. One of her tweets was made public, which aired on January 24, 2022. The actor himself confirmed the news by retweeting her announcement.

Who are these Boring apes?

BAYC is a set of 10,000 Bored Ape NFTs, which are one-of-a-kind digital collectables that live on the Ethereum blockchain. Your Bored Ape also serves as your Yacht Club membership card, allowing you to take advantage of exclusive member privileges.
Each Bored Ape is one-of-a-kind and unique, with over 170 attributes to choose from, including expression, hat, attire, and more. Although all apes are incredible, some are rarer than others.

Kevin Hart follows suit a long list of celebrities

Since its launch in April 2021, BAYC has seen tremendous growth and development, especially among celebrities. Kevin hart joined the march along with other famous personalities like Jimmy Fallon, Post Malone, Snoop Dogg, Von Miller, Lil baby, The Chainsmokers, Steph Curry, Adam Draper, Mark Cuban, Shaquille O’Neal, and so on.

Kevin Hart’s NFT is one of four mouth+hat combinations; only 1166 apes have a superior trait. Hardly 24 of the apes in the BAYC collection have the same yellow backdrop and yellow Guayabera clothes. Not only that, but the spinning hat may also be a fantastic unusual characteristic.

NFTs have become so famous around celebrities that many started releasing their unique collections. A recent tweet by BAYC hinted at Snoop Dogg joining their advisory board. Renowned entrepreneur Gary Vaynerchuk recently announced that he will be opening the world’s first NFT restaurant in New York in 2023. NFTs and the number of people engaging with them are skyrocketing every day. All those who jump in early survive.