BAYC NFTs beat Crypto Punks after deal with U2 and Madonna

By Raffaele Redi

BAYC creator Yuga Labs just announced a representation agreement with Guy Oseary

The Bored Ape Yacht Club NFT                                 
The Bored Ape Yacht Club – Photo: boredapeyachtclub.com
                                

Bored Ape Yacht Club (BAYC) non-fungible tokens (NFTs) surpassed the rival collection Crypto Punks by Larva Labs in trading volume in this past week. BAYC NFTs collection reached a trading volume of $31.3m in the last seven days, while Crypto Punks was at $19.5m.

BAYC creator Yuga Labs just announced a representation agreement with Guy Oseary, founder of the management firm Maverick, whose clients include Madonna and U2 first reported by entertainment business news site, Variety, in an exclusive.

The deal

According to Variety, the deal will see opportunities across multiple  media platforms, including film, TV, music, gaming and more.

“They are originals, empowering their community of NFT holders by giving them IP rights to their purchased ape, and continually creating ways to add benefits and utility to the purchased artwork. The Apes at Yuga Labs and I have a lot of exciting initiatives for the community and we look forward to sharing them soon,” said Guy Oseary to Variety.

“We have many ambitious projects in the works and we’re thankful to have Guy’s expertise as we move the club into this new chapter, for the benefit of the entire BAYC community,” said Yuga Labs.

The tokenisation of BAYC NFTs

Recently, the BAYC community announced the launch of tokens in 2022 following a partnership with the US blockchain technology company Horizen Labs and the law firm representing many blockchain projects, Fennick & West LLP.

The BAYC community said it is carefully considering all the aspects of first-ever tokenisation associated with a piece of the NFT collection. The process normally splits ownership rights into smaller bits or allow shares of physical real goods bound to the NFTs.

The centralisations risks for Crypto Punks

On the other hand, research by Nonfungible.com showed that the 100 largest holders are holding 71.88% of the Crypto Punks supply in circulation. The top 10, on the other hand, ‘only’ hold around 27.08% of the supply.

“These figures indicate a very strong dominance by a small number of players, which raises some questions about potential market control,” researchers have said.

According to Nonfungible data, Crypto Punk still witness the highest all-time trading volume at $1.45bn while BAYC NFTs all-time sales volume is standing at $1,0bn. However, the latter witnessed 66,286 purchases, while Crypto Punk sales amounted to 18,900.

Yuga Labs did not immediately respond to a request for comments.

Further reading: Bored Ape Yacht Club planning NFT token release

The material provided on this website is for information purposes only and should not be regarded as investment research or investment advice. Any opinion that may be provided on this page is a subjective point of view of the author and does not constitute a recommendation by Currency Com Bel LLC or its partners. We do not make any endorsements or warranty on the accuracy or completeness of the information that is provided on this page. By relying on the information on this page, you acknowledge that you are acting knowingly and independently and that you accept all the risks involved.
iPhone Image
Trade the world’s top tokenised stocks, indices, commodities and currencies with crypto or fiat
iMac Image
Trade the world’s top tokenised stocks, indices, commodities and currencies with crypto or fiat
iMac Image