The critically-acclaimed hip hop legend Eminem has joined the Bored Ape Yacht Club fan club after snapping up one of the NFTs, which bears an uncanny resemblance to his own likeness, for 123.45 ETH. That’s almost $462,000.
The rapper hasn’t made any statement regarding his latest NFT so far, but acknowledged the purchase by uploading the Bored Ape as his new Twitter profile pic.
The NFT, which was created by Grandpa Ape Yacht Club, has since been dubbed “EminApe” for its dazed expression, the heavy gold chain around its neck and a hat similar to what the Real Slim Shady often wears on stage.
The sale is yet another big moment for NFTs, some of which have sold for eye-watering prices despite many critics claiming they have no inherent value. Eminem clearly doesn’t agree, and his purchase will go some way to validating the value they have. He is, after all, one of the world’s best known musical artists with more than 220 million record sales globally. And with those millions of fans comes a huge influence.
Drops.co Chief Executive Darius Kozlovskis said now that Eminem owns it, the EminApe is likely worth even more than what he paid.
“Just as with non-digital collectibles, it’s the history and ownership of the item that adds additional intrinsic value,” he said. “The proof that Eminem owns this ape is now stored on blockchain forever.”
Eminem is not the only high profile celeb to get in on the Ape Fest, following in the footsteps of NBA star Stephen Curry and the talk show host Jimmy Fallon.
Kozlovskis said the very nature of NFTs means they’re inevitably going to become a part of the entertainment and fashion business. They serve as a digital identity, he explained, so it’s no surprise to see image-conscious celebrities embracing them.
“NFTs can be an additional medium of communication and engagement with fans, and in a world where attention is becoming more scarce than ever, it matters,” he added. “From an investment perspective, it’s also a good option for those who want to diversify from traditional art.”
GoodDollar’s head of strategy, advocacy and go-to-marketing Anna Stone said BAYC is yet another example of how communities are thriving around crypto and that its implications are now at the heart of creative culture.
“Eminem joins Chapelle, Steph Curry, Jimmy Fallon, and other cultural icons that are onboarding because of what it means for culture, not because of the “tech",” Stone said. “There's an old quote about how basketball players want to be rappers, and rappers want to be basketball players. Now, we all want to ape.”
The Bored Ape was sold to Eminem by fellow BAYC member GeeGazza, who gleefully announced on Twitter that the sale was “madness” and thanked the star for joining the club.
The dream became a reality, and Decrypt reported that the digital agency Six set up the sale to Eminem.
The EminApe adds to the rapper’s collection of 15 NFTs on OpenSea, which are held under the name Shady_Holdings. With his newest purchase, Eminem is joining what is now the second-largest NFT project on OpenSea by volume, having recently surpassed CryptoPunks in floor price. To date BAYC has traded 284,765 ETH ($977.6 million) in secondary sales with a floor price of 60 ETH ($220,000).
