Madonna recently tweeted, “I’ve finally logged into the Metaverse,” announcing her entry into the world of non-fungible tokens (NFTs). The specific NFT she acquired, part of the Bored Ape Yacht Club collection, was purchased for 180 ETH, approximately $470,000.
The Bored Ape Yacht Club has gained fame in the NFT world, boasting a collection that includes well-known personalities such as Eminem and Justin Bieber.
Madonna shared her new Bored Ape NFT on Twitter, expressing gratitude to Moonpay and making a playful reference to the eyes in the NFT design, stating, “We all need to be protected from the evil eye.”
The value of Madonna’s NFT acquisition was approximately $470,000, according to the NFT Valuations site. While Madonna’s statement about entering the Metaverse with just one NFT might seem exaggerated, it aligns with the fact that Bored Ape holders gain access to ApeCoin, a token associated with the Bored Ape Yacht Club.
ApeCoin is set to be part of a decentralized autonomous organization (DAO), and Yuga Labs, the creator of Bored Ape Yacht Club, aims to develop a metaverse named OtherSide.
Yuga Labs recently secured a $450 million investment, intending to fund its new project Otherside, which will function as an MMORPG game. The company plans to create a broader metaverse with Otherside, expanding the scope of its NFT collection.
On the ApeCoin side, owners of Bored Ape and Mutant Ape NFTs are entitled to a 15 percent share from the ApeCoin distribution. Notably, the timing of NFT ownership is crucial, as seen during the ApeCoin Airdrop, which experienced a hack.
Yuga Labs stands out as a company adept at establishing a strong relationship between gaming and the metaverse through NFTs. The appeal of Bored Ape Yacht Club to world-class stars, including Madonna, may stem from its robust business model supported by influential investors such as Andreessen Horowitz.
The future events and experiences that each famous collector will contribute to Otherside are anticipated to be noteworthy in the evolving landscape of the metaverse.
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