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Buyer Who Spent $3.4 Million On a Bored Ape NFT Explains Why

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Last month, an anonymous crypto buyer called “rhincodon” purchased a rare Bored Ape Yacht Club NFT from Sotheby’s newly-launched Metaverse digital art platform for a record $3.4 million USD.
Bored Ape Yacht Club #8817, one of 10,000 unique cartoon apes on the Ethereum blockchain, wears a propeller hat, a turtleneck and holds a party horn in its mouth. Notably, the Ape has gold fur — a super rare trait found in less than 1% of Bored Apes that makes it a valuable digital collectible.
#AuctionUpdate #BAYC #8817 sells for a RECORD $3,408,000 USD! This is the first time it has been made available since it was minted. Less than 1% of all Bored Apes have the gold fur trait. From the collection of @j1mmyeth #NativelyDigital pic.twitter.com/HfFTpEOIUh
— Sotheby’s Metaverse (@Sothebysverse) October 26, 2021

Those outside of the crypto community may be baffled by the enormous prices these NFTs, or non-fungible tokens, have fetched at major auction houses like Sotheby’s and Christie’s. In September, a mixed lot of Bored Ape NFTs sold for $24.4 million USD at auction, while a rare CryptoPunk sold at Sotheby’s in June for over 11.7 million USD. But for those embedded inside the crypto community, these digital collectibles not only serve as status symbols but also as emblems of the early days of NFT and crypto trading that continues to evolve.
So what compelled rhincodon to spend $3.4 million USD on a single digital image? While many crypto traders prefer to remain anonymous, the investor revealed his identity to HYPEBEAST and spoke about how he sees NFTs as an integral part of the digital future.
“I had been looking for a gold Ape for the last couple of months, and there are not a lot for sale — only 46,” said Brandon Buchanan, a crypto investor who spoke exclusively to HYPEBEAST. “And the ones that are listed typically sell for 1,000 ETH plus, and so give or take, wherever the price of ETH is at a given moment, you’re already talking $3 million USD plus.” 
Buchanan is the founder and managing partner of Meta4 Capital, a cryptocurrency-focused investment management company that specializes in rare NFTs. The company has already invested millions into collecting a variety of rare digital avatars, including Meebits, Mutant Apes and CrypToadz, and has also purchased several plots of digital land in The Sandbox, a popular metaverse platform set to release soon. For him, each investment holds a significant place in the crypto ecosystem, with collectors considering themselves to be a part of a wider community. 
I think Bored Ape Yacht Club is a little bit misunderstood to the people who are uninitiated and just see them as a JPEG image,” Buchanan said. “Even the people who think it’s just a private society, it’s really not that either.”
Buchanan believes that NFTs have exponential power to build passionate communities and can serve as a template for brands on how to engage with their audience in creative ways. For example, Bored Ape Yacht Club NFT owners get a Yacht Club membership card have access to members-only benefits, like real-world meetups. 

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A post shared by Bored Ape Yacht Club (@boredapeyachtclub)

Buchanan, who has been investing in crypto since about 2015, said that what used to be a space reserved for early adopters and tech enthusiasts has since exploded into the mainstream. Still, he said that investing in cryptocurrencies or blockchain assets can be risky given the volatility of the prices and decentralized nature of some blockchains that make it difficult to prevent scams.
“It’s certainly not for the faint of heart,” Buchanan said. “You’re dealing with a new technology that’s being built out in front for everybody to see.” 
But for those willing to spend the time to understand the technology and immerse themselves in a community of passionate collectors, creators and investors, digital assets can yield great rewards.
“It’s an investable asset,” Buchanan said. “It’s like being able to own a rare Babe Ruth card or a Michael Jordan rookie card.”
And as the world continues to embrace digital spaces, like virtual reality platforms and metaverses where digital avatars can interact with one another, Buchanan touted the seemingly endless possibilities that crypto-assets can create.
If you’re a musician, you should understand how NFTs will impact your space, and if you’re an artist, why are you not putting your stuff on the blockchain?” he said, encouraging creators to think of the blockchain as a blank canvas for expanding the mind. 

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NFT

FASB Excludes NFTs, Some Stablecoins From Crypto Accounting Project – The Wall Street Journal

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Michael Saylor can't stop: MicroStrategy now holds 130,000 Bitcoin – Cointelegraph

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MicroStrategy bought an additional 301 BTC for $6 million at an average price of $19,851, the company’s executive chairman announced on Twitter.
MicroStrategy now owns 0.62% of all the Bitcoin (BTC) that will ever be mined. The company’s executive chairman, Michael Saylor, announced that the company bought another 301 BTC for roughly $6 million at an average price of $19,851 per BTC. 
In sum, the company is one of the planet’s largest holders of the asset, owning 130,000 BTC. Apparently, Saylor likes round numbers, buying 301 BTC to reach the 130,000 milestone. 
MicroStrategy has purchased an additional 301 bitcoins for ~$6.0 million at an average price of ~$19,851 per #bitcoin. As of 9/19/22 @MicroStrategy holds ~130,000 bitcoins acquired for ~$3.98 billion at an average price of ~$30,639 per bitcoin.https://t.co/5kYW98ij4I
Due to plunging price action, the company’s investment is down substantially in U.S. dollar terms. MicroStrategy’s entry price is roughly $30,639 per BTC, and the Securities and Exchange Commission filing states that the firm has bought 130,000 BTC at an aggregate purchase price of approximately $3.98 billion.
If MicroStrategy started stacking sats (buying Bitcoin) at today’s prices, it would have spent $2.48 billion on 130,000 BTC. Saylor is currently at a paper loss of over a billion dollars.
According to the SEC filing, the company made the purchase with “excess cash.” Saylor recently stepped down as CEO of the company to focus on buying more Bitcoin, while Washington, DC has taken aim at the billionaire in a tax evasion lawsuit.
Bitcoin enthusiasts were quick to commend Saylor’s buy. Referred to as the “Chad” or “Gigachad,” Saylor’s conviction and commitment to buying Bitcoin despite the investment being underwater has garnered both a devout following and numerous critics.
Related: Bitcoin better than physical property for regular folks, says Michael Saylor
Other large wallet addresses include that of crypto exchange Bitfinex, which holds 170,000 BTC, and a Binance reserve wallet that holds 125,000 BTC. Binance is the world’s largest crypto exchange and has several wallets holding six figures of Bitcoin. Regarding individuals, Saylor has stated that he holds Bitcoin, and FTX CEO Sam Bankman-Fried and Binance CEO Changpeng Zhao are also “hodlers” — a meme that became popular jargon for holding crypto.

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NFT Collections Will Be Regulated Like Cryptocurrencies Under EU’s MiCA Law, Official Says – CoinDesk

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