After a busy week of star-studded live events, culminating in a lawsuit against a vocal critic, the owners of the Bored Ape Yacht Club appear to have given in. ApeCoin is showing a positive sign after releasing monkey-themed videos featuring Eminem and Snoop Dogg.
The price of this new Ethereum token based on the Bored Ape Yacht Club NFT project has increased by 21,21% in 7 days. The spike in price signals a slight recovery from what was previously a disproportionately brutal month for the token, which has recently dropped around 65% at an odd rate even for the current bear market.
In late April, the price of ApeCoin hit an all-time high of nearly $27 in anticipation of virtual land NFT sales for the game. metaverse by BAYC, Otherside. Owners can use ApeCoin to vote on ApeCoin DAO governance proposals. The recent price increase of ApeCoin can be partially attributed to the launch of a new video clip by Eminem and Snoop Dogg on Friday, which featured rappers and famous BAYC ambassadors transforming into animated versions of ApeCoin, their Bored Ape avatar. The music video that became trending on YouTube over the weekend has racked up more than 7,5 million views.
Eminem and Snoop Dogg released their new single, “From the D 2 The LBC,” live on Friday at ApeFest, an annual gathering for BAYC and Mutant Ape Yacht Club (MAYC) holders. The private festival, which took place in New York last week concurrently with NFT NYC, also featured performances by musical artists LCD Soundsystem, Haim, Lil Wayne, Lil Baby and Future, among others. The fact that prominent artists like Eminem and Snoop Dogg have introduced the BAYC brand in a dedicated music video demonstrates the growing reach and cultural influence of NFT's popular collections.
However, the BAYC brand has also come under fire this week after an artist released a parody of the Bored Ape NFT collection, claiming to criticize the BAYC brand for allegedly containing racist and hidden imagery. BAYC's parent company Yuga Labs, Italian "Nazi Dog Whistle", has vehemently denied the allegations and on Friday filed a lawsuit against the artist, Ryder Ripps, accusing his satirical NFT collection of being a hoax. Today's ApeCoin price increase shows that the controversy, at least for the time being, has had a small economic impact on the BAYC ecosystem, just as ApeFest demonstrated the continued support of the trademark by a dedicated team of renowned promoters.
