BAYC NFTs beat Crypto Punks after deal with U2 and Madonna
BAYC creator Yuga Labs just announced a representation agreement with Guy Oseary
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.
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.