Bored Ape Yacht Club was the big winner of this year’s NFT market explosion, with hundreds of millions of dollars worth of deals in just a few months. Now the creator aims to expand into other media ventures with the help of a veteran music industry executive.
Yuga Labs announced it has signed longtime music manager and technology investor Guy Oseary to explore various potential forms of media opportunities, including film, television, music and video games.
The deal follows news in August that Larva Labs (creators of the influential CryptoPunks NFTs) had signed a similar target with United Talent Agency (UTA). Over the weekend, Creative Artists Agency (CAA) announced that it had signed pseudonymous NFT collector 0xb1 – who owns Bored Ape NFTs, among others – to realize their collection through licensing and co-op deals.
Oseary, a manager for U2 and Madonna and former chairman and CEO of Maverick Records, is also a co-founder of venture capital firm Sound Ventures, alongside actor Ashton Kutcher. Through Sound Ventures, Oseary has invested in cryptocurrency companies such as Dapper Labs and OpenSea.
He also recently partnered with renowned cryptocurrency artist Beeple to launch WENEW, a platform that pairs NFT collectibles with physical benefits.NFT acts as a provable deed of ownership for scarce digital items that can represent unique items such as Bored Ape Yacht Club-style avatar images, video clips, and blockchain-based video games .
“We are excited to work with Guy Oseary to bring Bored Ape Yacht Club to a broader audience,” Yuga Labs said in a press release.” We have a number of ambitious projects in the works, and we are grateful to have Guy’s expertise as we take the club into this new chapter, which will be beneficial to the entire BAYC community.”
Each of the 10,000 Bored Ape Yacht Club NFTs depicts an illustration of an uninteresting looking ape who wears a random mix of clothing, accessories and style choices. Owners own the intellectual property rights to the Boring Ape NFTs they own and can use the images for commercial purposes. However, NFT owners cannot use Bored Ape’s branding without permission, as beverage brand Arizona Iced Tea found out in August.
The Bored Ape Yacht Club is the largest collection of NFT profile images to launch in 2021.Debuting in April, the Ether-based collection has quickly become one of the most valuable items in the space, with $562 million traded in the main collection to date, according to CryptoSlam. As of now, the cheapest Bored Ape Yacht Club NFT on the OpenSea marketplace is listed at 37 ETH, or nearly $130,000.
Since then, Yuga Labs has released additional Bored Ape Kennel Club and Mutant Ape Yacht Club NFTs for free to holders.It has also sold 10,000 additional Mutant Ape NFTs to the public, generating $96 million worth of ETH in one hour.To date, Mutant Ape Yacht Club has exceeded $290 million in secondary sales and Bored Ape Kennel Club over $92 million.
Last week, Yuga Labs announced plans to launch an Ethereum-based Bored Ape crypto token in the first quarter of 2022. The token could be used to reward NFT holders, for example, as well as represent ownership and assist with governance within the DAO, or help expand the project to other DeFi initiatives.