We have entered the stage where the boring ape NFT promotion is located in the murals on Mission Street. This is the moment when the NFT group behind these virtual apes is seeking a $ 5 billion valuation.
In the current Pantheon of the mission street murals, a very “one of these is different from the other” mural appeared. Close to BART Station on 24th Street, next to the mural of “La Familia Santana” Carlos Santana and another mural with an owl theme promoting the cannabis line called Buddy Buddy Indoor Natural, the Boring Ape Yacht Club NFT. New murals to advertise decorate the walls of small alleys on Ausage Street.
There are several more of these boring Ape murals within a few blocks of the 24th Street BART. The region has seen dramatic rebounds in the tech industry, returning to the Queers Hate Techies stencils and leaflets. And more recently, the Guillotine Honey Bear Window Display is aimed at hostile to the fanch who turned from a stainlessist to an NFT artist.
If you’re new to this fad, NFT (Non-Fungible Token) is a new fashionable art product for the Web3 and crypto community. NFTs are not framed or hanging in museums. It is a digital product, and the owner’s “proof of ownership” is verified on the blockchain. A unique breed of NFT, with only 10,000 boring apes, it is now King Kong on the NFT market and sold for $ 2.8 million (1,080.69 Ethereum) earlier this month. The ape face template was created by an artist named Seneca, but the group of people who own these apes with different hats, shirts and facial expressions is a boring ape yacht club that calls themselves “apes” ( Known as BAYC).
The design may seem capricious, but Bored Ape Yacht Club’s finances are no longer a monkey business. As Axios reported, they are currently in talks with venture capital firm Andreessen Horowitz for a $ 5 billion valuation with $ 200 million in funding, and these values will surely skyrocket.
The boring Ape murals aren’t unique to San Francisco. It has also appeared in New York, LA and Miami. However, a version of the Sci-Fi Mission District was created by the mural painter rube.zilla, and all eight are within about five blocks of each other.
“A group of 11 BAYC apes hired the same artist and placed apes in different locations throughout the mission district,” one of the owners, justin1.eth, told SFist. “These apes were initially cast at 0.08 ETH each and are now on the lowest list in the secondary market. [is] 99.99 ETH, which is about $ 313,000. To be honest, it was a fascinating story. “
Some of these murals have minor tagging and have not been extensively tampered with.
Steph Curry is now part of the Bored Ape Yacht Club (“BAYC” on his Twitter bio), a collection of 10,000 unique Bored Ape NFTs.
2xMVP paid 55 ETH for this. That’s $ 180,000, which is 0.39% of the $ 45.7M salary next season.
What a time. pic.twitter.com/T9iBcM7hjk
— Meeting room (@boardroom) August 29, 2021
Yes, it’s the Golden State Warriors all-star and popular Bay Area good guy Stephen Curry participating in a boring monkey game. “Many celebrities own Bored Apes, including Steph Curry, Post Malone, Eminem, Snoop Dogg, Chainsmokers, Timbaland, Steve Aoki, Neymar Jr., Tyrese Haliburton, Dez Bryant.” Justin 1. eth will tell you.
A sneaky person like me would say that when both Paris Hilton and Jimmy Fallon hyped them at his show last month, the boring apes had the moment they “jumped the shark.” But a sneaky person like me is probably wrong. As CNet explains, “there are only 10,000 of them. It is recognized that the fixed supply will become more and more valuable as more famous people agree.”
Despite the utopian hype, the market is still less than ideal. Just last week, the NFT marketplace OpenSea, where boring apes are bought and sold, was maliciously phished by apparently millions of dollars worth of apes. Two weeks ago, VICE reported that “almost all NFT collections created for free on the platform were spammed or stolen,” and “OpenSea is now caught up in the bog of its own art thief.” I will. “
⚠️ In an open letter, workers raised concerns about the environment and fraud-and some even threatened to quit.
This is why this move is causing the storm. 🧵 pic.twitter.com/UpHcyEi09S
— Thomson Reuters Foundation News (@TRF_Stories) February 21, 2022
And perhaps the most annoying aspect of NFTs is the high energy consumption required to sell blockchain, at least for the average person. The Verge reported last year: On purpose, “And” Ethereum uses about as much electricity as the entire Libyan country. “Certainly, crypto companies are looking for more environmentally friendly ways. But if you introduce a technology that is known to use millions of tonnes of carbon dioxide emissions and later improve this, what does it mean to “move fast and break things”? ..
The sector seems to recognize that it needs to clean up its actions in that respect in order to grow. And it’s growing. Auction house Christie’s sold a $ 69 million NFT last year by artist Beeple.
“It’s a bit of a paradigm shift,” Beeple told the New York Times’s “Sway” podcast after its sale, explaining how NFTs differ from traditional art. “You look at the picture, someone buys the picture and they go to lock it up in their house. You never see it again. So this is against the traditional art of this digital art. I think it’s a big advantage. “
These new artworks on the mission do not seem to violate any of the “unwritten rules” of the murals. They seem to have the permission of the real estate owner and aren’t involved in QR codes or all sorts of pitches to sell anything to you, and they certainly have them locked in some way More people are enjoying the private crypto wallet on the blockchain than if they were.
But it may or may not be a coincidence that the Bored Ape Yacht Club appears at the same time as Silicon Valley is asking for a $ 5 billion valuation. This certainly benefits the current owners of apes. What is certain is that NFTs will probably appear duplicated in more and more murals in the mission district and beyond, seeing if the wider street art community is willing to tag.
Related: Crypto Bro War of Words (and Memes) breaks out between Jack Dorsey and top Silicon Valley VCs [SFist]
Image: SFist, Joe Kukura