In this issue of the Bloomberg Crypto newsletter, Michael P. Regan checks in on the not-so-boring weekend for the Bored Ape Club.
You’d be forgiven if you were under the impression that the nonfungible token market had vanished off the face of the internet, another casualty of last year’s cryptocurrency chaos.
While trading volumes have slowed to a tiny trickle compared with what they were in their heyday, don’t write that obituary for the cartoon-jpeg asset class just yet. This past weekend, there were developments that proved the NFT space is alive and … actually “well” may be too strong of a word, so let’s leave it at “alive.”
First, there was a big party in Hong Kong to celebrate the Bored Ape Yacht Club NFT collection, which was by far the most prestigious of all the many cartoon-ape themed projects on the blockchain a couple of years ago. The shocking part wasn’t that Bored Ape owners were in the mood to party despite the state of the market, but rather that stage lighting used at the event left some attendees with eye pain and vision problems. Thankfully, the NFT project reported that “nearly everyone has indicated their symptoms have improved.”
But that wasn’t the only time Bored Apes got burned over the weekend. Apes — and many other famous NFT projects — were ruthlessly lampooned in the annual Halloween episode of The Simpsons. Homer accidentally turns his son into an NFT. And while he’s distraught over losing the boy to the cryptoverse, his emotions are mixed when he finds out that Bart is worth $1.5 million as a the first-ever human NFT. To save their son, Marge turns herself into an NFT and enters the blockchain, which in the show is a train known as the “block train” that a talking NFT explains is “powered by the most abundant fuel in the universe: FOMO, the fear of missing out.” After accidentally killing another NFT, Marge discovers her value has gone up, and it keeps going up with more and more killings. “What you call mindless slaughter, crypto bros call ‘disruption,’” another NFT says.
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