The New Metaverse of the Bored Ape Yacht Club Demonstrates the Growth of NFTs
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.
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,
announced a new valuation of $4 billion after raising $450 million to create a metaverse.
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