The New Metaverse of the Bored Ape Yacht Club Demonstrates the Growth of NFTs

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Last year, cryptocurrencies such as Bitcoin and Dogecoin reached all-time highs,

but 2021 will be the year of the nonfungible token. Last year, almost $25 billion was spent on NFTs,

a few billion more than the global box office took in.

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Most people are either perplexed by the exorbitant prices NFTs command or persuaded they’re a ruse about to fall apart.

NFT purchasers are viewed by critics as suckers who pay for JPEGs that they could easily “right-click-save” for free.

On Tuesday the creators behind the Bored Ape Yacht Club NFT collection, Yuga Labs,

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announced a new valuation of $4 billion after raising $450 million to create a metaverse.

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