The Bored Ape Yacht Club non-fungible tokens have reached $1.3 billion in total assets, with $55 million generated since January 1, 2022.
The demand for the popular NFT collectibles is driven by celebrities, mostly rappers like Post Malone, Diplo, DJ Khaled, and Martin Garrix.
Eminem, the American Rapper, joined the NFT craze by purchasing a gold-jacketed Specimen for about $462,000 on January 3, 2022.
MoonPay application has contributed to the surging purchases of NFTs by brokering deals to popular celebrities in new concierge service.
The growing popularity of the Bored Ape Yacht Club has come with security concerns. The cryptocurrency sector has faulted BAYC for the theft of some NFTs.
The NFTs collectibles also received a backlash on allegations of racist origins on the Twitter platform.
Source: The Block