Rapper Submit Malone is the most recent movie star to maneuver into nonfungible tokens (NFT) by selling a serious NFT mission and a cryptocurrency agency.
In his newest collaboration with The Weeknd, a music video for “One Proper Now,” Malone bought an NFT from Bored Ape Yacht Membership (BAYC), one of many world’s largest NFT collections that includes 10,000 distinctive digital collectibles dwelling on the Ethereum blockchain.
Within the video, Malone buys the NFT by way of MoonPay, a fintech startup centered on offering cryptocurrency funds infrastructure. The agency reportedly plans to reach a valuation of $3.4 billion after conducting its first-ever enterprise capital spherical.
Launched on Monday, the music video has since amassed over 5 million views.
Aside from the music video, Malone bought two Bored Apes for a mixed 160 Ether (ETH) ($682,000) in TikTok movies by MoonPay.
One of many movies reflects the acquisition of the BAYC NFT #9039 for 85 ETH ($362,000) and has over 90,000 views on the time of writing. One other one includes the NFT from the precise “One Proper Now” music video, the BAYC NFT #961, which was purchased for 75 ETH ($320,000).
Malone didn’t spend his personal cash to buy the NFTs and apparently made some on selling the NFT sequence. The deal with, which owns the 2 Bored Apes NFTs on the OpenSea NFT market, beforehand acquired 175 ETH from MoonPay in two separate transactions. The quantity was instantly spent on shopping for the BAYC NFTs on OpenSea, leaving Malone further 15 ETH ($64,000).
Malone’s deal with, which has already been verified on Etherscan, then continued to make purchases on OpenSea, including extra ETH from Coinbase final week.
Founded by Yuga Labs in April 2021, Bored Ape Yacht Membership is without doubt one of the most profitable NFT tasks, reportedly amassing over $1 billion in buying and selling since inception. On the time of writing, BAYC is the world’s third-largest NFT assortment after Mutant Ape Yacht Membership and Axie Infinity. On the time of writing, BAYC has over $12.6 million in every day buying and selling volumes, in accordance with data from CryptoSlam.
BAYC has been rising more and more widespread within the music business lately, with tasks just like the digital metaverse band Kingship planning to perform using four NFTs from the gathering, taking inspiration from widespread cartoon band Gorillaz.