Purchased by celebrities from Justin Bieber to Gwyneth Paltrow, Bored Apes have been all the rage in the NFT world. Some investors say the underlying IP is highly valuable—that this universe of digital apes could be the next Disney.
Non-fungible tokens, or NFTs, have gone in the last year from a relatively obscure blockchain technology to a market valued at around $44 billion. WSJ explores how NFTs are transforming the art market and tells the story of who is behind the buzz. Photo illustration: Alexander Hotz/WSJin late January, Jimmy Fallon held up a portrait of a cartoon ape wearing a sailor’s hat, a striped shirt and heart-shaped sunglasses. “This is my ape,” he said, as his guest, Paris Hilton, gave it her approval.
This odd moment between Hilton and Fallon hurtled Bored Ape Yacht Club, a collection of NFTs depicting apes, into the spotlight. Other celebrities were showing off theirs too: In January, Justin Bieber posted a photo on Instagram of his, which relates to his song “Lonely.” Bieber paid $1.29 million for it, according to Etherscan, which tracks blockchain transactions, then went on to purchase a second for $470,000.
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