Celebrities’ NFT of choice: Do I buy into this current craze in Bored Ape NFT, ApeCoin?

Celebrities’ NFT of choice: Do I buy into this current craze in Bored Ape NFT, ApeCoin?

Dubai: When it comes to the usual bustle of crypto-related trends, you may have seen pictures of cartoon apes pop up everywhere lately and wondering what they were. Here’s all you need to know about this current craze. Bored Ape Yacht Club (BAYC), or often colloquially called Bored Ape, is currently a wildly lucrative non-fungible token (NFT) collection of 10,000 Bored Ape NFTs (unique digital collectibles) built on the Ethereum block-chain. As more famous people buy in, that fixed supply of only 10,000 is perceived as becoming more and more valuable. In its initial run, the company BAYC made around $2 million (Dh7.35 million) selling Bored Ape NFTs. From there, prices just went on up. Renowned UK auction house Sotheby’s recently sold a set of 107 apes for over $24 million (Dh88 million). Companies were also buying Bored Ape NFTs, with global sports brand Adidas buying a Bored Ape NFT in September 2021. Celebrities have been collecting these NFTs in late 2021 and early 2022. Eminem, Gwyneth Paltrow, Shaquille O'Neal, Snoop Dogg, Mark Cuban, Post Malone, Stephen Curry, Paris Hilton, Jimmy Fallon, and Serena Williams are among various celebrities noted to have purchased Bored Ape NFTs. The short answer is